As it was expected in the morning review, crypto traders were eager to break resistance of the Triangle pattern. However, the bulls exhausted their strength. BTC has not been able to overcome the highs of last Friday, so the price tumbled inside the Triangle.
Now this technical picture sets the stage for weakness of the most traded cryptocurrency. The upward target is seen at $35,828.56. This target has been nearly reached. The strong mirror support is at $34,708.27. A bounce is possible from this level. In case it is breached with the price fixation below it, there is a likelihood of the price move towards the Triangle’s support. This will open the door to the price exit out of the Triangle downwards.
Meanwhile, it is premature to make such long-term conclusions. Let’s wait and see how the BTC price will develop in relation to the Triangle pattern. I suggest we should check whether it will be retested and whether the bulls will make another attempt to take revenge.
The material has been provided by InstaForex Company – www.instaforex.com
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