Bitcoin And The Triangle Pattern

Since the beginning of July BTCUSD has mostly been moving in sideways pattern with lower highs and a stable basis around $9200 - $9400. On a daily basis, the price remains below the Kumo (Cloud) while a descending triangle pattern has been formed.

(Click on image to enlarge)

Usually descending triangle patterns are bearish patterns. However, as long as price remains above the horizontal support area of $9200- $9400 bulls continue to hope for an upward break out above the cloud and the downward sloping trend line resistance at $10900 - $11100.

Breaking above the resistance would be a bullish sign and would give us $15500 as the first target. If support at $9200- $9400 fails to hold, we should expect a decline at least towards $8500 if not $7250.

So now we wait.

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