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Bitcoin (BTC/USD) - Descending Triangle Suggests Further Downside

Bitcoin (BTC/USD) has been sliding since it cleared below the key support on the year around $6000. After stalling around $5500 it fell sharply again to find support around $4100. Price is again consolidating, but the 1H price chart by 11/24 (Saturday) suggests further downisde.

BTC/USD 1H Chart

Descending Triangle:

  • A descending triangle by itself shows lower highs even though the low is holding flat around $4100.

  • This means buyers around $4100 will be getting nervous as the bounces become weaker.

  • Being in the middle of a downtrend, there is even more bearish bias.

Key Resistance:

  • However, if price say holds above $4000, and bounces up above $4400, we might have some more consolidation above $4000 with upside towards the $5500 area.

  • However, until price can climb back above $6000, I would keep a bearish to bearish-neutral assessment on BTC/USD.

Downside:

  • The price action on the weekly chart, suggests price has downside towards the $3000 area, which is a key support/resistance pivot.

  • The 200-week simple moving average (SMA) is also right around the $3000 area.

  • An aggressive beraish outlook might be the $1850-$2000 area, which is not even the 2017 low, but was a key support pivot in 2017.

BTC/USD Weekly Chart

Previous BTC Crashes

Ethereum (ETH/USD) vs. Bitcoin (BTC/USD) and BTC Dominance