BTC in descending triangle

18 Jul 2021

I've been trying to learn about chart patterns over the past month or so in an attempt to make sense of BTC's movements. I've been watching this descending triangle for the past few weeks, which is a bearish chart pattern. This pattern coupled with low volume seems to indicate trouble ahead.

24 Jul 2021

Catatan

We broke down below 30K and then popped back up, currently testing resistance around 34K. It seems like this could be a bull trap but it is too early to know for sure. I am staying on the sidelines until BTC can definitively indicate a move either up or down. I'm looking for a clear move either up to the $36-40K region or down to the $25-28K area before starting to wade back in.