Admittedly, Bitcoin dropping out of the symmetrical triangle is very bad for the bulls but is it really a bearish sign or a bear trap? Personally, I would not short Bitcoin just yet, not until it drops below $9000. For now, a strong recovery with a daily close above the lower triangle could indicate a trend reversal so watch out for that. If that happens, then naturally we would expect buyers to push up the price to test the upper triangle near 12K and 18k beyond that. Again, this upside move depends entirely on whether we can get a daily close above the lower triangle. Conversely, a close below the triangle would indicate more downside for Bitcoin over the near term.
@s3cr3t44, it did but price has been clinging to the triangle since. I understand most traders would have entered their shorts by now but until we make a lower low, a reversal could happen.
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