Bitcoin- Could test 6,000 level if this support breaks!

The chart below looks at Bitcoin on two different time frames. The chart of the left looks at Bitcoin over the past 5-years, reflecting that it remains 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 is of Bitcoin over the past 5-months, where it might have created a  bearish descending triangleat (3).


Over the past 5-months, Bitcoin might have created a descending triangle pattern inside of each line (3). This pattern is created by a series of lower highs and flat bottoms.

As of today, Bitcoin is testing “dual support” at (4), with one of the support lines being the potential bottom of the descending triangle pattern.

At this time, “Support is Support” at (4) until broken!

If support would happen to 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)!!!



Chart pattern analysis with brief commentary:   

There is a ton of news and opinions about markets and stocks that make the decision-making process more difficult than it needs to be.    

I believe the Power of the chart Pattern provides all you need to see what is taking place in an asset and determine the action to take.  

This approach has worked well for me and our clients and I encourage you to test it for yourself. 

Send an email if you would like to see sample research and take me up on a30 DAY FREE TEST DRIVE of our Premium or Weekly Research where I provide actionable alerts on breakouts and reversals in broad market indices, sectors, commodities, the miners and select individual stocks  


Call us Toll free 877-721-7217 international 714-941-9381 


Receive daily research I post on the blog each day

Follow on Twitter 

See our latest webinar