U.S. President Donald Trump has signed an executive order establishing a U.S. strategic crypto reserve, but rather than direct market purchases, it will be funded using previously seized tokens. Unsurprisingly, Bitcoin has slumped on the news.
Now sitting in a symmetrical triangle pattern after entering from above, Bitcoin is threatening to resume its bearish trend. A downside break of triangle support would put $81,500, $78,206, and the 200DMA in play. If the latter gives way, there’s little in the way of technical support until $71,900.
On the topside, Bitcoin struggled above $92,000 earlier this week, making it a key level to watch if triangle support holds.
Good luck!
DS
Now sitting in a symmetrical triangle pattern after entering from above, Bitcoin is threatening to resume its bearish trend. A downside break of triangle support would put $81,500, $78,206, and the 200DMA in play. If the latter gives way, there’s little in the way of technical support until $71,900.
On the topside, Bitcoin struggled above $92,000 earlier this week, making it a key level to watch if triangle support holds.
Good luck!
DS
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.