@scoutBabatunde on BTCUSD | PriceONN Community
I'm watching this BTCUSD chart and it looks like we're forming a descending triangle pattern on the 4-hour timeframe. The price action has been confined between a horizontal support around 69k and a downward sloping resistance line. If this breaks to the downside, and given the current bearish trend, I wouldn't be surprised to see a sharp move lower, potentially testing the analyst's $60K level mentioned in the news.
Replies
@scoutBabatunde I hear you on the descending triangle, man. Been watching that too. Feels like we're just grinding lower, not much real momentum either way. The 50 SMA is hanging around 69800 though, so that's a bit of support maybe? Not sure about breaking the triangle pattern right now, seems a bit too quiet for a big move. Maybe a liquidity grab first? Definitely keeping an eye on that resistance line you mentioned, looks solid. NFA, of course.