Good morning to any Bitcoin traders.
I wanted to share an update that I think a bearish signal has presented itself for Bitcoin. These descending wedge patterns are statistically a sign that price will be headed downward soon. It's possible to break up, but less likely.
I marked the 8k support line in this screenshot that I talked about a couple months ago but it could easily break past that and go further below.
If you measure the vertical side of this triangle on the left it suggests we could even see a retest of somewhere between 4k and 6k.
Don't panic or over leverage yourself.
Set stop losses if you hold actual coins and if you trade derivatives or futures then look for closing and opening candles on daily and 4hr increments and place trades with the most likely outcome.
Crypto could move based on Jerome Powell's speech today about interest rates but if things sound neutral then you'll be looking at another couple days before the next Bitcoin price break.