BTC is currently in a Descending Triangle both on the Daily & 3D charts:
=> 30k has been the critical psychological mark for the bulls to uphold, since we first breached all the way to the downside in May.
Therefore, should we loose this as a support, there is a high chance that we will be going down towards 20k:
As the previous ATH from the 2017 rally, it acted as resistance on the way up during this rally -albeit for a very short time. But there is no other significant support once we break the 30k.
Should we OTOH hold the 30k, the bulls would need to clearly and decisively break above 36k as lower highs, in which case we would consolidate probably for the coming months & even into 2022 between 60k & 40k: We have a huge space here between those ranges due to the sharp short break in May.
The probability is more on the bearish side currently.
Happy trading & investing!
=> 30k has been the critical psychological mark for the bulls to uphold, since we first breached all the way to the downside in May.
Therefore, should we loose this as a support, there is a high chance that we will be going down towards 20k:
As the previous ATH from the 2017 rally, it acted as resistance on the way up during this rally -albeit for a very short time. But there is no other significant support once we break the 30k.
Should we OTOH hold the 30k, the bulls would need to clearly and decisively break above 36k as lower highs, in which case we would consolidate probably for the coming months & even into 2022 between 60k & 40k: We have a huge space here between those ranges due to the sharp short break in May.
The probability is more on the bearish side currently.
Happy trading & investing!
