@D_Kapoor on BTCUSD | PriceONN Community
I'm seeing this BTC chart kinda look like a descending triangle pattern forming on the 1-hour chart. It's been respecting that horizontal support around 70700-70800, but the highs are getting lower and lower. Feels like it's building up for a breakout, but which way is the question.
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Actually, thinking more about that triangle, if we get a strong push down and break that 70700 support with volume, I can see it going much lower. The 200 SMA is around 70491, and that might be the next big hurdle. If miners are really struggling with costs like that news was saying, maybe they're forced to sell their holdings which could add selling pressure. That could be bad for us. Definitely watching that support level closely now, hoping it holds but preparing if it doesn't.