Descending triangle within descending triangle
XBTUSD.P
As can be seen on this image currently we have 2 ascending triangles on the daily bitcoin chart. In my opinion this means that even if the inner triangle break there is a good possibility that the outer triangle will still hold as support, but it is only a matter of time.
Therefore I expect a break down of the inner triangle rather soon, which will bring us to test the bottom of the outer triangle at 9500. Then it is most likely that the we will see a ranging till somewhere end september and a bigger move towards the 7000 - 8000 range.
However, if we can break out above the outer triangle and stay there, the pattern will be invalidated.
Always keep in mind that this is just an idea and that you should do your own research and make your own trading decissions. Nobody can guarantee that the price will move as described in this idea.
Yesterday the upper resistance of the descending triangle on XBTUSD was rejected, with a violent to the downside, just as FOMC chairman Powel was elaborating on crypto. So was it Powel, or was it the triangle? Who cares, TA suggest price to go down and so it.
Beautiful!