The price action of Bitcoin has broken below the descending triangle, usually a sign that more pain is to come. The price is now retesting the previous support line (now the resistance) of the triangle. It could be another opportunity for the shorts to load up.
If we look at the smaller time frame, we see that the price is forming a bearish rising wedge.
If we look at the smaller time frame, we see that the price is forming a bearish rising wedge.