Bitcoin looks to be diving out of a symmetrical triangle pattern on the hourly chart amid rising bond yields.
The breakdown would indicate a continuation of the sell-off from record highs.
Powell tried to talk down bond yields on Tuesday and Wednesday, but that has not worked. The 10-year yield has risen back above 1.4%.
Looks like bitcoin is going to be hit by another wave of selling.
I would turn bullish if the crypto finds acceptance above $52K.
The breakdown would indicate a continuation of the sell-off from record highs.
Powell tried to talk down bond yields on Tuesday and Wednesday, but that has not worked. The 10-year yield has risen back above 1.4%.
Looks like bitcoin is going to be hit by another wave of selling.
I would turn bullish if the crypto finds acceptance above $52K.