BTC/USD Bearish Descending Triangle in formation
As we can see BTC has been trading inside the Descending Triangle formation since late June after a huge bullish leg with top high at 14000$. Currently BTC is forming Lower Highs in Daily Timeframe. We got a strong support region at 9370$ - 9500$ with at least 7 unsuccessful attempts to break and close below on a Daily. If the price will continue to follow that direction with formation of the new Lower Highs we could see the break below 9300$ following by huge crush to the key area of 7200$-7500$.
If you're looking for countertrade there is a couple key things to watch:
- Bakkt Daily and Monthly Futures contracts launch on Sep 23.
- Oct. 13 and Oct. 18 final decision on Bitwise and VanEck/SolidX BTC ETF.
We used to have the same formation of Descending Triangle in 2018 with a major support at 6000$ area that was finally broke and followed by almost 50% decline in price. Interesting to watch how this move will play out, but for sure - the move is going to be huge whatever direction it will take. Will the history repeat itself or we're facing another leg higher to 16000$ area?
Share your thoughts below!
If you're looking for countertrade there is a couple key things to watch:
- Bakkt Daily and Monthly Futures contracts launch on Sep 23.
- Oct. 13 and Oct. 18 final decision on Bitwise and VanEck/SolidX BTC ETF.
We used to have the same formation of Descending Triangle in 2018 with a major support at 6000$ area that was finally broke and followed by almost 50% decline in price. Interesting to watch how this move will play out, but for sure - the move is going to be huge whatever direction it will take. Will the history repeat itself or we're facing another leg higher to 16000$ area?
Share your thoughts below!
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