The price of bitcoin finally moved off the 27k support getting above 28k for a hot minute. Today's red candle currently has price back below 28k, but still glad to see we got some green yesterday.
It was a long wait for some kind of movement at all, but I am concerned it is short lived.
Descending Triangle...
Looking at the daily chart above you can see the yellow descending trend line that begins at the highs for the year.
Price basically hit its head on that line before moving lower, leaving a nice upper wick on today's candle.
Descending triangles aren't known to be bullish, but anything can happen.
I will really hoping we'd of seen a push to 29k or so on this last little move up. That isn't looking to strong at the moment.
Posted Using LeoFinance Alpha
The price point to break out the descending triangle gets lower and lower and that’s the silver lining 😂
The price point to break out the descending triangle gets lower and lower and that’s the silver lining 😂
Silver lining indeed!
I'd be inclined to think this bounce has less to do with technical factors than with the fact that the US debt ceiling talks finally reached some sort of resolution. NO financial market is going to feel calm in the face of one of the world's largest governments hanging at the threshold of default...
=^..^=
Yep, stock market rallied on Friday as an agreement was "close" according to media.
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