Descending Triangle 2: Electric Boogaloo - BTC set to retest 8k!
Yet another descending triangle* is forming, showing that the bulls are losing to the bears once again! Upon a breakdown of the triangle, we will retest the vital 8k support.
If 8k fails to hold, panic selling may take us as low as 5.5-6k, the next major area of support.
If we bounce off 8k again, we will retest major resistance at 9.2k, which is the top of the current downtrend that we've been in since 17k and is also today's high.
It is likely that the 8k support will break this time. When BTC fell to 9k on the 17th, it recovered to over 11k by the end of the day. This time, BTC is recovering much more slowly and has formed a bearish descending triangle, as opposed to the bullish ascending triangle that formed back then.
*The descending triangle that formed last night looked more like a falling wedge on certain graphs.
If 8k fails to hold, panic selling may take us as low as 5.5-6k, the next major area of support.
If we bounce off 8k again, we will retest major resistance at 9.2k, which is the top of the current downtrend that we've been in since 17k and is also today's high.
It is likely that the 8k support will break this time. When BTC fell to 9k on the 17th, it recovered to over 11k by the end of the day. This time, BTC is recovering much more slowly and has formed a bearish descending triangle, as opposed to the bullish ascending triangle that formed back then.
*The descending triangle that formed last night looked more like a falling wedge on certain graphs.
הערה:
BTC has formed a rising wedge, which should break down soon. Yesterday BTC also broke back into the triangle before continuing to fall.
Forecast theme: www.youtube.com/watch?v=k36sIRRd...
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