Bitcoin Exerting Pressure On $29k Support, Declines Linger
Bitcoin Faces Rectangle Pattern Breakout The technical outlook on the four-hour chart shows the formation of a rectangle pattern that could implode, leaving Bitcoin vulnerable to losses. This bearish pattern allows traders to identify breakouts and profit from downtrends in BTC price . advertisement It occurs when the price moves sideways between two parallel horizontal lines , forming a rectangular shape. This formation implies that the sellers and buyers are in a temporary balance, and the price is consolidating (between $28,800 and $30,200) before resuming its downward direction. BTC/USD daily chart | Tradingview To trade the bearish rectangle pattern, traders look for a breakout below the lower support line at $28,800, which signals that the sellers have gained the upper hand and are ready to push the price lower. Recommended Articles Crypto Presale ...