Bitcoin Descending Triangle Bearish Future?
Updated
Typically, descending triangles are a continuation pattern to the downside. On the daily chart of BTC, you can see that this question is going to be resolved soon. BTC was stopped twice on the upside by the 200 DMA. It really needs to move above that if it's going to gain any traction higher.
If we do see a move above that descending triangle, it has to hold. A move above that downtrend line can also be a fake out. At this point, I really have to think that BTC will need to fall below 5800 and shake some more coins out of traders' wallets before it really heads higher. It's so close, why wouldn't they take it down there? The doldrums often last much longer than you think they can.
If we do see a move above that descending triangle, it has to hold. A move above that downtrend line can also be a fake out. At this point, I really have to think that BTC will need to fall below 5800 and shake some more coins out of traders' wallets before it really heads higher. It's so close, why wouldn't they take it down there? The doldrums often last much longer than you think they can.
Note
Actually, BTC stalled at the 200 DMA 3 times - March, May and July.
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