Increasingly Bearish Triangle (BTC)

in #trading7 years ago

Bitcoin has corrected it's triangle towards a bearish sentiment two times since the last post. The triangle is currently a symmetrical one. Several uptrend lines are about to be broken almost at the same time and M structure on the market indicates larger correction, possibly tomorrow or Tuesday.

The shorter term picture indicates a slight bullrun before then. It is unlikely to lead to anything major, possibly a false breakout to $2900 levels. But it will probably be sufficient to create bearish divergences, further strengthening the likelyhood of a downtrend.

Screenshot_2017-07-23-20-06-45.png

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