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The chart below looks at bitcoin from two different time frames. The left side shows the cryptocurrency over the past 5 years, showing that it's still inside of bullish rising channel (1), as the trend remains higher. It hit the top of this rising channel a couple of months ago at (2), where it created an important bearish reversal pattern.
The chart on the right represents bitcoin over the past 5 months, where it might have created a bearish descending triangle at (3).
Over the past 5 months, bitcoin might have created a descending triangle pattern inside of each line (3). This type of pattern is created by a series of lower highs and flat bottoms.
As of Tuesday, bitcoin is testing “dual support” at (4), with one of the support lines being the potential bottom of the descending triangle pattern.
At this point, “Support is Support” at (4) until broken!
If support does give way at (4), the “measured move” of the descending triangle suggests that bitcoin could trade down to the 6,000 level.
Bitcoin bulls want to see it “Hang On” to dual support at (4).
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