BTC/USD - Descending triangle, $50k retest again?

28 thg 3, 2021

Bitcoin has formed a large descending triangle and we have formed another lower high as indicated on the chart.

This is bearish on the short term, therefore I do not recommend entering a long here on BTC or alts, simply because we are likely to re-test the 50k level again before a breakout can take place.

If that happens, it will be a prime entry for longs, alternatively if we happen to break the resistance before we re-test the support, that can also be a good entry, to be seen. For now, the chart appears quite clear and you can explore a short towards support or simply wait.

The 4h indicators are also bearish right now, at least in the nearby future. Daily indicators are a bit flat and neutral, so don't think there is much to change this view.

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