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Bitcoin Price Analysis: Triangle Trading

The past week passed with the advantage of bears. Bulls failed to succeed, despite the fact that the weekly candle was potentially reversal and, at the very least, did not anticipate such a strong decline.

The option with a flat triangle has implemented (its upper bound has shown by a red dotted line). Bulls will not activizate to bleak the levels of $ 6,700 - 6800. There are set take-profits and large volumes to buy, so price will break through 7000. Then bitcoin price quickly drop into the zone $ 6700-6800 and rebound strongly. Then the target will be the level of $ 8300-8500, which is the upper edge of the flat triangle.

Here is how the flat triangle and its purposes looks more detailed:

Most likely, the lower target will be reached today, at most, tomorrow, and further we will hope for a reversal.