Bitcoin Descending Triangle to $2900?
We have formed two structures pointing to the 2900 level (check out last one: tradingview.com/chart/BTCUSD/PHLu8kSG-Bitcoin-Head-and-Shoulders-to-2900/)
If the price breaks and closes below the 3500 support line, we should expect the price to head to at least $2900 (determined by the height of the triangle).
The ideal entry would be if the price broke the support line and restest the broken support line, but entry is still good as long as the price breaks and closes below $3500.
The descending triangle structure tends to break to the downside. But in the case that we do break the resistance line, we would likely be heading towards at least $4100 (depending on where the resistance breaks).
If the price breaks and closes below the 3500 support line, we should expect the price to head to at least $2900 (determined by the height of the triangle).
The ideal entry would be if the price broke the support line and restest the broken support line, but entry is still good as long as the price breaks and closes below $3500.
The descending triangle structure tends to break to the downside. But in the case that we do break the resistance line, we would likely be heading towards at least $4100 (depending on where the resistance breaks).
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