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 Bllockroots.com 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.
Bitcoin price breaks through current support area on the daily and through the 20MA
If buyers don’t step in the next couple days, we’ll see Bitcoin retest the previous support in the low $9ks
A break from there likely leads to $8k pic.twitter.com/cZEM61eSFk
— Josh Rager 📈 (@Josh_Rager) September 10, 2019
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.
$btc Descending Triangle at the peak of a bull run, 01 June 2017 – 30 July 2017 (59 days).
Not hopium, just showing that it’s foolish imo to think anyone has a clear sense of what happens next (very short-term movements aside) pic.twitter.com/m8TgrDfd61
— B.Biddles (@thalamu_) September 10, 2019
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.
Bitcoin meets the definition of a descending triangle. Don’t let newbie chartists tell you different. Right-angled triangles imply (but do not demand) a resolution thru the horizontal boundary. $BTC pic.twitter.com/DIW1BpMSCV
— Peter Brandt (@PeterLBrandt) September 7, 2019
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?