Bitcoin Analysis 6-12-2022
The descending triangle is most commonly seen during downtrends and is often interpreted as a bearish signal. The ascending triangle pattern is reversed in the descending triangle pattern.
As the price continues to make lower highs, descending triangles indicate to investors and traders that sellers are more aggressive than buyers. When the price breaks out of the triangle in the direction of the overall trend, the pattern is complete.
Currently, Bitcoin is in the range of $17000. If the pattern continues, the price of Bitcoin might reach the resistance levels of $17260 . If the trend reverses, then the price of Bitcoin may fall to $16940.
The descending triangle is most commonly seen during downtrends and is often interpreted as a bearish signal. The ascending triangle pattern is reversed in the descending triangle pattern.
As the price continues to make lower highs, descending triangles indicate to investors and traders that sellers are more aggressive than buyers. When the price breaks out of the triangle in the direction of the overall trend, the pattern is complete.
Currently, Bitcoin is in the range of $17000. If the pattern continues, the price of Bitcoin might reach the resistance levels of $17260 . If the trend reverses, then the price of Bitcoin may fall to $16940.
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