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Home Cryptocurrency news

Bitcoin Price Breaks Down From Triangle, Target Suggests Revisit of $6K

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 2min read
bitcoin price descending triangle 2019
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Carnage and fear have returned to the crypto market in a big way, now that Bitcoin price has dropped from the trading range it has been locked in over the last 3 months. It’s caused even the most bullish crypto investors to consider bearish scenarios.

The trading range that’s now in Bitcoin’s rearview mirror eventually formed a descending triangle, that has now begun to break down. The target of the triangle may take Bitcoin price back down toward previous bear market support near $6,000 – a price level where Bitcoin spent the much of 2018 trading at.

Bitcoin Price Could Retest $6K Following Break of Descending Triangle

Throughout the majority of 2018, Bitcoin price ping-ponged between decreasingly lower highs and support at $6,000, forming a technical analysis chart pattern called a descending triangle. The multi-month descending triangle had a target of the low $3,000 range, but crypto investors were certain that $6K would hold up as it had already done so so many times before.

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Related Reading | Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand

But eventually, that support broke and the triangle broke down, taking Bitcoin price to its bottom at $3,200. From there, the leading crypto asset went on yet another parabolic rally where it eventually met former bear market resistance and was rejected at $13,800.

Since then, the market has been having deja vu. Bitcoin price once again found itself making decreasingly lower highs while bouncing off support at $10,000 again and again, forming yet another multi-month descending triangle at the top of the now broken parabolic trend.

According to crypto analyst Dave the Wave, the triangle has a measured target that would take Bitcoin price down to below $7,000 back into the $6,000 range – that acted as bear market support, turned resistance, and could be once again retested as support.

Assuming you still have dry powder left, and assuming it goes this low, will you be ready to pull the trigger? pic.twitter.com/eCANwD4XZt

— dave the wave (@davthewave) August 29, 2019

Yesterday, that triangle began to break down, sending Bitcoin price plummeting nearly $1,000 in less than 24 hours. It’s also caused the market – already at the highest historic point of fear due to altcoins capitulating en masse – to panic and worry the worst has yet to come.

But Bitcoin price returning to $6,000 to confirm it as support may be extremely healthy and what’s needed to eliminate any remaining fears that the bottom isn’t in, and solidify the foundation of the next crypto bull run.

Related Reading | The Mysterious $120 Million Bitcoin Buy Wall And What it Could Mean 

Because Bitcoin has already started on what most believe is the next bull run, there is a strong chance the descending triangle target is never reached, and instead falls to one of the many other support levels above. $8,500 is yet another area of high interest that’s highly cited as a support level and where a CME Futures gap lies, and could incite so much buying that $6K is never again tested.

Tags: bitcoinbitcoin pricecryptoDave the Wavedescending triangletechnical analysis
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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