Bitcoin is trading at lows, so here is an educational chart with an explanation! Well, there's no assurance in the Crypto market, but the main reason we are tracking a bullish triangle om Bitcoin is that it's already retraced for 38,2%, which is the most common retracement for wave 4 and also because of three waves of decline in the first leg. Some ALT coins hit new lows, some of them retraced for 61,8 - 78,6%, so it can be a perfect time for a reversal. But, we are not sure if there can be something even worse and there's a chance that BTC loses its dominance for a while in case if we see a deeper flat correction!
However, at this stage, it's important to be patient! So, technically speaking, in case if we see a bounce in the Crypto market now at the beginning of September, then we may start considering a bullish triangle. But, if BTCUSD remains bearish and breaks below 9000 key support level, then be aware of a deeper flat correction that can send the price into 8000 – 7000 support area!
BTCUSD, DAILY
(Click on image to enlarge)
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