Short

Is the Bitcoin forming a descending triangle?

By smies1992

Although the wicks of a candle also provide support and resistance, the body is a stronger indication of selling and buying power. Based on that conclusion I think the Bitcoin is forming a big descending triangle. The bearish pattern, which most of the times is a continuation pattern can be a reversal pattern. If so, the target of this pattern is from the break out the equal length of the highest point to the big support at the lowest point. This would mean a target of 19.000-20.000 USD/BTC.

For the hodlers I hope I'm wrong. For the traders like me, it would be great :) What do you think?

Take a look and make your own wise decision.

Cheers

smies1992

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