Currently the BTC following s strong downtrend in May, but this downtrend is currently hitting a good support at around 31500, which was already good support in Jan 2021.
This two trendline forming a descending triangle, which is usually a bearish pattern.
At the time know we are trading at the upper edge of the triangle. A break-out could happen, by in my oppinion very unlikely. If its happen it could be impulsive. If we closing a 4h candle be 31500 and get rejected afterwards again at the same limit. This will be the signal for a rapid downtrend. From the baseline of the traingle technical traget will be below 20k. But there also some technical fib levels at 23k an 20k, which can give some support.
Additionally, it should be mentioned that the volume indicators how less trading acivities in the range of 20-30k. If this negativ break-out happen, this could be impulsive.
Keep your eyes open and keep attention to this tow trendlines.
This two trendline forming a descending triangle, which is usually a bearish pattern.
At the time know we are trading at the upper edge of the triangle. A break-out could happen, by in my oppinion very unlikely. If its happen it could be impulsive. If we closing a 4h candle be 31500 and get rejected afterwards again at the same limit. This will be the signal for a rapid downtrend. From the baseline of the traingle technical traget will be below 20k. But there also some technical fib levels at 23k an 20k, which can give some support.
Additionally, it should be mentioned that the volume indicators how less trading acivities in the range of 20-30k. If this negativ break-out happen, this could be impulsive.
Keep your eyes open and keep attention to this tow trendlines.