has broken down from the mid-sized triangle we have all been watching and successfully retested the apex, which is a textbook play, and been rejected. The rejection at the apex is a textbook retest confirming former support as resistance. The target of this breakdown is in the low 4k's. The most significant implication of the breakdown is it should give bitcoin
the momentum needed to finally break the 6k bottom and the long awaited breakdown from the descending Triangle
could be soon upon us. Now, as we have seen numerous times bitcoin
loves to print beautiful patterns and then jerk the proverbial rug out from under traders by going the opposite way...so, although I am short this is a cautious signal...In ANY other market in the world this would be a perfect short opp
however with bitcoin
there is just too much deception and uncertainty so all I can say is be cautious and trade at your own risk. Either way this is a beautiful set up and so I felt compelled to chart it!