Bitcoin is in a clear downward channel as outlined by the pitchfork in the chart as the official Bakkt launch date is only days away.
Some might say this is a big descending triangle, and if that blue support line breaks then we could see the downtrend continue to at least fill in the CME futures gap in the light blue box.
KEEP IT SIMPLE - The safest play here is to wait till either the price breaks above the downward trendline or below the blue line at 9400.
Beware of a false breakdown. The clock is ticking for this triangle...
Some might say this is a big descending triangle, and if that blue support line breaks then we could see the downtrend continue to at least fill in the CME futures gap in the light blue box.
KEEP IT SIMPLE - The safest play here is to wait till either the price breaks above the downward trendline or below the blue line at 9400.
Beware of a false breakdown. The clock is ticking for this triangle...