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#BTC UPDATE
BTC break down this descending triangle pattern
What is a descending triangle pattern?
The classic version of this pattern forms a trend line that is sloping and a flat or horizontal support line. The pattern emerges as the price bounces off the support level at least twice. The completion of the pattern occurs after the end of a retracement in a downtrend.
The downside breakout from the support triggers a strong bearish momentum-led decline.
However, this textbook pattern seldom occurs in real markets. In most cases, a descending triangle pattern can also see a sloping base as well. Instead of a flat support level, you can see higher lows being formed.
The illustration below shows what an “ideal” descending triangle pattern looks like, which is often labelled a descending wedge, as well.
In my last update, I mention the 17.5k horizontal support, after that post, BTC Bounced from that support
Currently, it breakout the descending triangle with a successful retest and heads toward the horizontal resistance which is around 17k.
A solid breakout of 17k would be the confirmation of the continuation of bullish momentum in the market, while a rejection will result in further range play.
Stay tuned I will keep updating.
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