Bitcoin (BTC) one step away from tumbling below $47,000

After last week’s gains Bitcoin is retreating once again, showing all signs of possibly declining past the $47,000 level.

However, there’s no cause for alarm.

If you’re a bull and usually trade BTC or its leveraged derivatives, please, think long and hard whether or not you really want to keep your positions open.

However, if you’re a long-term investor or a spot trader — you don’t have much to worry about. You can always wait out the storm, and hodl through as the winner next time Bitcoin goes up.

This week’s trading time frame looks intriguing. Bitcoin didn’t manage to take proper hold above the descending Now, there is something intriguing on the weekly chart. Bitcoin didn’t manage to take proper hold above the descending channel (upper red line), so the price is reversing to look for support. Should it tumble down, the asset will most probably hit the $32,000-$35,000 support level, reaching the bottom of the ascending channel (bottom green line). 

These levels of resistance and support form a triangle, which has been restraining Bitcoin for quite a while now. Once These descending resistance and ascending support lines form a symmetrical triangle, which has been restraining Bitcoin for quite a while now. This trap will be broken and left behind once Bitcoin jumps to its next ATH

Let’s see if the market tanks or decides to shake out shorters again — that could potentially put BTC on a fast track to $80,000.

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I went full time crypto back in June 2018, and have never looked back. I want to help persuade as many people as possible to come and build the decentralised future! Let’s go!

DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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