Saturday, March 6, 2021

Analysts divided on BTC descending triangle pattern

The Takeaway:

Crypto analysts have noticed a descending triangle pattern in the current BTC trading chart. Some analysts have claimed that this is a sign of a bearish trend as the same pattern was observed in 2018 bearish market. And some analysts opposed this hypothesis as a similar pattern occurred during 2017 bullish market.

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Bitcoin was trading at $9,900 yesterday before it managed to climb over $10,000 today. At the time of writing the leading cryptocurrency is trading at exact $10,000 mark. Crypto trader and co-founder of tweeted earlier today that if buyers don’t step in next couple of days we might see bitcoin retest the previous support in low $9000. 

Analysts have noticed that BTC is trading in a descending triangle pattern. This chart pattern shows a bearish trend with lower highs and multiple bottoms at a fixed level. Crypto analyst Jonny Moe compared the current descending triangle to 2018s bear market according to which bitcoin might fall further in coming weeks. 

Another bitcoin trader B.Biddles refuted the claim that a downward trend follows a descending triangle pattern. He posted a graph of 2017 bullish trend where for 59 days BTC observed a descending triangle, and afterward, its price skyrocketed. He believes no one has a clear sense of what will follow next. 

Well-known crypto analyst and commodities trader, Peter Brandt believes that bitcoin has not entirely followed a descending triangle pattern. He tweeted that there have been numerous occasions where price blew out of the upside of a descending triangle.

It is fair to assume no one is certain about what coming weeks hold for bitcoin. Analysts are divided on whether bitcoin descending triangle is a sign for a bullish or a bearish trend. Let us know in comments what do you think of BTC descending triangle pattern and what is in store for bitcoin in the coming weeks?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Daniel Walker
Daniel Walker
Daniel is an experienced information technology analyst. He is a graduate from McGill University. When Daniel is not covering cryptocurrency and blockchain news, he loves talking to his dog.

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