BTC is in a downtrend on the weekly, daily, and 4H time frames suggesting more downside to come. If BTC breaks down from this Descending Triangle formation, the measured move would take price down to $37,500. From there, over the course of the next couple/few weeks, I believe we would see further continuation down to the low $30K range, then a nice bounce.
I believe
BTC will see more immediate downside if it prints a 4H or higher time frame candle below the prior 4H low and horizontal support zone at $40,700. We can see RSI and Stochastics are simultaneously breaking their relevant trend lines... maybe no bounce before a breakdown.
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General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
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.