Bitcoin has been seeing tighter and tighter daily ranges even as research shows continued strong interest in the crypto space with trading volumes expanding. Latest news in the space highlights crypto’s wild wild west environment with DMM.com reportedly losing some $300 million in crypto assets. For now we continue to see sector rotation weighing on Bitcoin and a possible reason for triggering the descending triangle.
- 71911 – Post Halving High (5/21)
- 70613 – Descending Triangle Lower High (5/27)
- 68988 – Intraday Consolidation Resistance
Support
- 67113 – Intraday Consolidation Floor
- 65886 – 50D Moving Average
- 63384 – Previous Consolidation Resistance
Bitcoin has formed a descending triangle since seeing a post halving high of 71911. This translates into a bias for a bearish breakout though indicators for now has the daily and 4H stochastic pointing higher. For now we prefer looking for shorts on a break of the 67113 region, though key for bears will be the ability to push under the 50D moving average. We need a daily push past the hypotenuse of our triangle before considering the buy side.
