Bitcoin Faces Tough Technical Test (BTC)

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June 23, 2018 7:10am CURRENCY:BTC

Technical analyst Chris Kimble examines Bitcoin’s long-term price chart and sees a major potential breakdown in the works.

This chart looks at Bitcoin over the past 5-years. The long-term trend remains up as it has spent the majority of the time inside of rising channel (A) since 2013.

The rally in Bitcoin saw it hit the top of the channel 7 months ago and since then it has created a series of lower highs. While creating the lower highs a series of flat bottoms have come into play, forming what could be a bearish descending triangle pattern.

At this time, Bitcoin is testing support and support is support until broken.

Just The Fact Ma’am– If support breaks, the measured move suggest Bitcoin could fall a large percent. Bitcoin bulls are praying this support holds!

This article is brought to you courtesy of Kimble Charting Solutions.

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