After a brief run up beyond $9,400 Bitcoin has pulled back 2% and is languishing just above $9,150 now as the bearish trend gains momentum.
But some might say we haven’t been out of a bear market of late. Let’s take a look at some technical analysis to see what could be on the horizon for Bitcoin.
Bitcoin Technical Analysis – The Impending Triangle Breakdown
Looking at the daily chart, it’s make your mind up time for the Bitcoin price as it comes to the end of a symmetrical triangle pattern.
As we can see in the image below, the brief rally this week failed to break above the triangle resistance, while yesterday’s losses are currently testing the triangle support.
It could go either way. If the support holds, Bitcoin could march towards $10,000 again, but if support gives way, expect a bigger drop.
The main areas of support are $9,000, $8,800 and $8,600, and if support fails there, we will likely see a drop down to around $8,000. Read More