BTC ASCENDING TRIANGLE - BEARISH to $6000??

٤ مايو ٢٠٢٠

Just a simple thought, BTC-USD ascending triangle. Typically a bullish signal, however the price is starting from the bottom of the triangle- not the top, thus creating a bearish signal. The purple line simply shows the current support zone. It is possible the formation continues until the closure of the triangle before a price move downward, or it could break the current support and start a downward assent towards the $6000 range. This is also reflected in the RSI, being extremely high on the one-day chart. Looking at the 30min and 1 hour charts the rsi is at rock bottom around 20, but like I said the 1 day chart shows an entirely different story.

Just a simple idea, let me know your thoughts! I am not a bear typically, but I like to see the whole picture. This might just be a consolidation phase before another attempt to gain a foothold above 9000. Each attempt so far has been pushed back. My guess is this large price jump correlated with the BTC Halving, I think the market has already reacted to this, even if the actual having has not taken place yet. This is not the first time this has happen, LTC-USD did something similar about a year ago if I remember correctly.

Please do not trade based on this info, it is just my thoughts on the topic and I would love to hear from more experienced traders what they think.

Thanks for reading,
- Max K.