Bitcoin forming an ascending triangle
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Today Bitcoin had a small rally so my previous expectations changed. If the 38500 resistance holds, it can draw an ascending triangle that will end in about 2 days. The end of the triangle meets the long term descending trendline roughly. There a powerful breakout is likely, possibly to the down, but I'm not 100% sure, so I might wait with any trade until the direction is confirmed.
Today Bitcoin had a small rally so my previous expectations changed. If the 38500 resistance holds, it can draw an ascending triangle that will end in about 2 days. The end of the triangle meets the long term descending trendline roughly. There a powerful breakout is likely, possibly to the down, but I'm not 100% sure, so I might wait with any trade until the direction is confirmed.
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Well 38500 did not hold, that's more bullish than I expected. Buying dips can be a good strategy after testing/breaking the trendline resistance.
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