#BTC/USDT
Bitcoin got another rejection from 49k, even after FED speech, Bitcoin has reversed from 46500 to 49k and got another rejection.
Technically, Bulls need to close daily above 51k, as long as Bitcoin under 51k the selling pressure will lead Bitcoin to another low around 42k to 38k.
BTC now is retesting the horizontal support at 46500, Closing 4h candle under it will confirm the descending triangle pattern.
This pattern indicates that sellers are more aggressive than buyers as price continues to make lower highs. The pattern completes itself when price breaks out of the triangle in the direction of the overall trend.
The descending triangle is one of the top continuation patterns but false breakouts are very possible so, traders need to manage risk accordingly.
In my opinion, you should limit your position sizes and follow a very restricted risk management strategy.
Good luck everyone and stay safe!🌹
Bitcoin got another rejection from 49k, even after FED speech, Bitcoin has reversed from 46500 to 49k and got another rejection.
Technically, Bulls need to close daily above 51k, as long as Bitcoin under 51k the selling pressure will lead Bitcoin to another low around 42k to 38k.
BTC now is retesting the horizontal support at 46500, Closing 4h candle under it will confirm the descending triangle pattern.
This pattern indicates that sellers are more aggressive than buyers as price continues to make lower highs. The pattern completes itself when price breaks out of the triangle in the direction of the overall trend.
The descending triangle is one of the top continuation patterns but false breakouts are very possible so, traders need to manage risk accordingly.
In my opinion, you should limit your position sizes and follow a very restricted risk management strategy.
Good luck everyone and stay safe!🌹
