BTC has formed another bearish triangle. The most interesting thing about this triangle is that the Hypotenuse of this triangle is just the continuation of the downtrend line (black dotted line) formed by the peaks of june 26 and july 10. The most recent test of the resistance of this line occurred on october 11.
Another thing to note: the area between 7.5~8.3k is a strong congestion zone. You can see in the chart that last time BTC entered this zone (last may 13: see the black circled zone) it took one month to definitely exit this area.
Finally, read the related idea to know more about the "death cross".
Conclusions:
- BTC may continue it sideways movement in the next few days.
- the most probable movement is down.
* For educational purposes. Do not trade based on this idea. Do your own research.
Another thing to note: the area between 7.5~8.3k is a strong congestion zone. You can see in the chart that last time BTC entered this zone (last may 13: see the black circled zone) it took one month to definitely exit this area.
Finally, read the related idea to know more about the "death cross".
Conclusions:
- BTC may continue it sideways movement in the next few days.
- the most probable movement is down.
* For educational purposes. Do not trade based on this idea. Do your own research.
