Bitcoin: Classical Bearish Triangle

Over the course of the last few weeks it was relatively uncertain what Bitcoin was going to do. One thing was sure: Bitcoin had a relatively bearish outlook after the greatest run in a couple of years.

At the moment, it's becoming more clear that the pattern Bitcoin is following resembles a bearish triangle; a classical bearish break-out pattern. The main base of the pattern appears to be the $29k support line, with another support around $30k. The $30k support has given in previously, so i'd classify it as a weaker support than the $29k one.

I don't expect the price to blast through the $29k support yet. There's too much buying power in the market for a major sell off. However, at the end of the pattern things could go south very rapidly. I'm expecting some fireworks in the beginning days of February.

Happy trading!