@mlewis708 on BTCUSD | PriceONN Community
Looking at the 1-hour chart for BTCUSD, I'm seeing a pretty clear descending triangle pattern forming. The price has been rejected a few times around the 76500 resistance level, while support is showing some weakness around the 75500 mark. This pattern usually suggests a bearish continuation, so I'm bracing for a potential breakdown below that support line. Definitely something to watch closely as this session progresses.
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Wait, I just noticed the RSI is dipping below 40 too. That really solidifies the bearish outlook for this triangle pattern. Could be a nasty drop if it breaks.
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Hey @mlewis708, I see what you mean with that descending triangle on the 1H. It does look bearish on that timeframe. However, I'm also looking at the 4H and the RSI is actually showing some bullish divergence, climbing out of the 40s. The price action around the 75500 area has held a couple of times, which could be a nascent double bottom. If it breaks that triangle support decisively, I'd be looking to short, but right now I'm keeping an eye on that potential bounce off the 75k level.