The price chart still printing a bearish trend on all higher time frame.
On the 4hours time frame the price chart of BTCUSD has formed a bearish chart pattern called THE DESCENDING TRIANGLE CHART PATTERN.
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern and most times it is also called a reversal chart pattern after price has move up. Price leaning on the support looking to breakout towards the down side. The major levels to looking out for are the extension levels which is the height of the descending triangle measured to the downside.
It is advisable that all traders wait for price to break below the key support level before the confirmation of the down trend.
The targets to look out for are as follows: $10960.0 down to $10821.2.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
On the 4hours time frame the price chart of BTCUSD has formed a bearish chart pattern called THE DESCENDING TRIANGLE CHART PATTERN.
The descending triangle is a bearish formation that usually forms during a downtrend as a continuation pattern and most times it is also called a reversal chart pattern after price has move up. Price leaning on the support looking to breakout towards the down side. The major levels to looking out for are the extension levels which is the height of the descending triangle measured to the downside.
It is advisable that all traders wait for price to break below the key support level before the confirmation of the down trend.
The targets to look out for are as follows: $10960.0 down to $10821.2.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.