After a long period of stagnation in the 220 - 240 range, it looks like bitcoin is set for another big selloff. The bearish descending triangle that has been forming since the 310 high is narrowing down and has already had two touchdowns on the base of the triangle. In most cases, if such triangle does validate and breaks down, it does so at the third touch down, which would be sometime in the next 72 hours.
Of course there is a small chance we see a rally from this point forward, meaning the triangle will get invalidated and we will push towards 260. I see this scenario as highly unlikely.
Whatever direction bitcoin goes (most likely about to go down) the coming days will bring volume and thus volatility shall return.
I am and will remain waiting for the sub 200 prices, as I am very confident we will get there eventually.
Good luck to all traders!
Of course there is a small chance we see a rally from this point forward, meaning the triangle will get invalidated and we will push towards 260. I see this scenario as highly unlikely.
Whatever direction bitcoin goes (most likely about to go down) the coming days will bring volume and thus volatility shall return.
I am and will remain waiting for the sub 200 prices, as I am very confident we will get there eventually.
Good luck to all traders!
