Market Update: Bitcoin Price Drop

Bitcoin forming a symmetrical triangle in the daily chart.

BTC USDT CHART


As we can see that there is a symmetrical triangle formation on the daily chart.

We can see that the resistance level of BTC is at 44000 USD and on May 17 we can see that the price of BTC is kept on Dumping so from 43000 USD somewhere it keeps on dropping the price and now it is trading at somewhere 36355 USD.

You can clearly see that BTC tries very hard to break the symmetrical triangle but it is unable to break and keeps on dropping the price. So this clearly shows that if this trend goes on and it forms a triangle then we can see a big dump in the price of BTC and we see a price drop to the major support which is somewhere at 29000 USD.

And if it breaks the trend line resistance we can see a pump in the price.

Because the resistance level is at 34000 USD somewhere and the major support is at 29000 USD.

So if the triangle formed is break at some point inside the symmetrical triangle.

If the breakout is on the trend support line then we can see a big dump in the price and if the breakout is on the trend resistance line then we can see a pump in the price.

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