BTC is poised for a significant move, and you might not like it.
Updated
On June 14, we said a break below 66K could take the price to 60K. The price dropped as low as 58.5K. Today, Bitcoin is stuck in a descending triangle pattern, and a breach to 
59K could possibly send the price to 
48K, while a breach to 72K could send the price to 84K.
Traders have two options right now: trade the inside of the triangle, aiming for a recovery towards 70K ish, or wait for a breakout. Like last time, waiting for the pattern to play out is all there is to it.
--------------------
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
59K could possibly send the price to 48K, while a breach to 72K could send the price to 84K.Traders have two options right now: trade the inside of the triangle, aiming for a recovery towards 70K ish, or wait for a breakout. Like last time, waiting for the pattern to play out is all there is to it.
--------------------
As always, do your own research and proceed with caution. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Note
The risk to reward was good on the way down, even though the price did not drop all the way to the bottom this time around. A stop loss could have been placed just above the breakout candle high. It is also interesting to note what happened when the price pushed above 59K, as a failed breakout sometimes turns into an excellent buying opportunity.
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.