๐ฅ Bitcoin's Bearish Triangle: Closing In On Reversal Area
Yesterday I made a post where I analyzed Bitcoin's potential upcoming moves. I argued that there was a big chance for the red area of support to hold and cause a major trend reversal. The reversal happened & bulls are happy again.
Currently, we're closing in on the green reversal area (around 34k - 34.8k). This area is marked because it contains several local lows and it's close to the orange resistance. Personally, I think there's a big chance that the price will follow the bearish triangle pattern and will reverse from the orange resistance line.
On the other hand, there's a minor chance for BTC to burst through this resistance and make it's way up to 40k yet again. Keep an eye out for a break through of the 35.5k level in this case.
Happy trading!
Currently, we're closing in on the green reversal area (around 34k - 34.8k). This area is marked because it contains several local lows and it's close to the orange resistance. Personally, I think there's a big chance that the price will follow the bearish triangle pattern and will reverse from the orange resistance line.
On the other hand, there's a minor chance for BTC to burst through this resistance and make it's way up to 40k yet again. Keep an eye out for a break through of the 35.5k level in this case.
Happy trading!
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