Bitcoin Descending Triangle Analysis 🔥
The above chart of Bitcoin(BTCUSDT) laid out the descending triangle pattern. This pattern is often regarded as a characteristic of a bearish trend . It is formed by the upper trend line that connects the highs and a horizontal trend line connecting lows converges to form a triangle. If the price action breaches the lower support level , the bearish trend would be sustained.
Currently, Bitcoin(BTCUSDT) is in the range of $ 19770. If the pattern continues, the price of Bitcoin(BTCUSDT) might reach the support levels of $!4500, If the trend reverses, then the price of Bitcoin(BTCUSDT) may rise to $25000
Trading Level ✅
Short at $21000 (Retracement Level)
Target $ 14500 ( Targe derived from the pattern range)
Stop loss $ 22000 (Previous High)
The above chart of Bitcoin(BTCUSDT) laid out the descending triangle pattern. This pattern is often regarded as a characteristic of a bearish trend . It is formed by the upper trend line that connects the highs and a horizontal trend line connecting lows converges to form a triangle. If the price action breaches the lower support level , the bearish trend would be sustained.
Currently, Bitcoin(BTCUSDT) is in the range of $ 19770. If the pattern continues, the price of Bitcoin(BTCUSDT) might reach the support levels of $!4500, If the trend reverses, then the price of Bitcoin(BTCUSDT) may rise to $25000
Trading Level ✅
Short at $21000 (Retracement Level)
Target $ 14500 ( Targe derived from the pattern range)
Stop loss $ 22000 (Previous High)
