Descending Channel for Bitcoin??!
It appears as though BTC is trading in a descending channel or a falling wedge.
On the RSI there's clearly a descending triangle with a series of lower highs.
On the DMI there was recently a bearish cross coinciding with a sharp decrease in the price.
It's likely BTC bounces off the baseline support of the descending channel, look for sell pressure at the downward sloping resistance.
I have drawn two hypothetical scenarios possible in the near term, glta.
On the RSI there's clearly a descending triangle with a series of lower highs.
On the DMI there was recently a bearish cross coinciding with a sharp decrease in the price.
It's likely BTC bounces off the baseline support of the descending channel, look for sell pressure at the downward sloping resistance.
I have drawn two hypothetical scenarios possible in the near term, glta.
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