This Triangle Is A Make Or Break For Bitcoin (BTC)

Hi dear friends, hope you are well.

First of all thanks for the support, secondly, as you know that on a weekly time frame, Bitcoin is moving above the key support of $28600 and there is also a bullish divergence flashed as the priceline is forming a lower low but Stochastic is setting a higher than the previous low.

At the same time, on a 4-hr time frame, BTC has formed a descending triangle, and the support of this triangle is exactly at the long-term support of $28.6K.

Therefore, it is possible that sooner or later after some sideways move Bitcoin may have another reversal move from here.

But if Bitcoin breaks down the support of $28.6K, then there will be a higher probability of testing 200 weekly simple moving average support which is at $21958 (almost 22K) at the time of writing, or in the worst case, we may have a spike up to the previous high of Dec 2017, which was $20K.

And in the aforementioned situation (which I am not expecting unless BTC breaks down $28.6K support and Stochastic forms a lower low on weekly), There can be a bearish or extreme sideways trend for at least 2 months. During this period there can be a lot of great short-term, shorting opportunities in different alts.