Bitcoin is conforming to the Descending Triangle - expect a drop
BTC fell in the early hours of the morning today (GMT) and whilst the general trend looks bullish with Bakkt coming, the outlook is bearish for now.
On the chart, I have presented clear support and resistance lines, as well as a long profit position. Bitcoin has reached that $9,400 position multiple times since late June, and it will be no surprise if we see a dump to that level in the next week. $9,400 is a temporarily strong support, but only because it lines up with the level presented on the descending triangle. We have declining volume as well, which can be a hint of bullishness. However, this is occuring in a range. Volume tends to only matter if the price action is outside of a range (in this case, if volume increased whilst we broke out of the descending triangle, it would be bullish).
Next day: Bearish
Next 7 days: Bearish
Next 30 days: Bullish
On the chart, I have presented clear support and resistance lines, as well as a long profit position. Bitcoin has reached that $9,400 position multiple times since late June, and it will be no surprise if we see a dump to that level in the next week. $9,400 is a temporarily strong support, but only because it lines up with the level presented on the descending triangle. We have declining volume as well, which can be a hint of bullishness. However, this is occuring in a range. Volume tends to only matter if the price action is outside of a range (in this case, if volume increased whilst we broke out of the descending triangle, it would be bullish).
Next day: Bearish
Next 7 days: Bearish
Next 30 days: Bullish
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