Bitcoin Challenged: Now the Critical Technical Test
The Bearish Descending Triangle break is one of the most reliable bearish pattern developments that can occur on a chart. Bitcoin just suffered such an event last month. And now we have the key moment: the reaction.
A bullish trend that has the potential for genuine extension and longer-term success will laugh in the face of such a technical event, quickly shrugging it off and regaining the pattern trigger line -- which in this case is around $9500 on the BTC/USD chart. But a chart that is destined to break lower and resume a bearish longer-term trend will have the opposite outcome. Right now, given the strength in the dollar overall, the odds may be stacked against BTC. Now is the time for it to give us a sign, and retake the level.
A bullish trend that has the potential for genuine extension and longer-term success will laugh in the face of such a technical event, quickly shrugging it off and regaining the pattern trigger line -- which in this case is around $9500 on the BTC/USD chart. But a chart that is destined to break lower and resume a bearish longer-term trend will have the opposite outcome. Right now, given the strength in the dollar overall, the odds may be stacked against BTC. Now is the time for it to give us a sign, and retake the level.
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