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Bitcoin (BTC) Has Finally Begun Its Downtrend
Bitcoin (BTC) is trading within a symmetrical triangle and a descending triangle at the same time. It has to break out in the weeks ahead. The bulls expect it to break higher while the bears expect it to break lower. Either way, this is the last phase of this tug of war between the bulls and the bears. After this, one of the sides will have a clear victory. If we look at the daily chart for BTC/USD, we can see a large descending triangle that is very likely to break to the downside this time. Some investors were surprised when the recent descending triangle invalidation came into effect. We have been calling for this move in our analyses and the reason why that happened was because the market makers wanted to trap in the bulls while hunting down the bears.
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