Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
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BTC shows a strong bearish favor in weekend
After a dump and pump of BTC on Sep. 19, 2019, BTC's price has formed a descending triangle pattern on the M30 timeframe. Though local resistance prevents BTC to go down, most of the indicators on most of the lower timeframe (H4 and lower) point to bearish favor. Though triangle patterns are the bilateral patterns, which means BTC might go on either way (up or down). From my experience, the price will have more chances to break down local resistance at the end of the triangle.
A SHORT idea with the final target to be on 2nd local support, with a protective stop at MA20 is recommended. Important supports and resistance are as shown in the chart.