{"id":391942,"date":"2019-08-01T20:00:27","date_gmt":"2019-08-01T20:00:27","guid":{"rendered":"https:\/\/ktsl888.com\/?p=391942"},"modified":"2019-08-01T15:08:24","modified_gmt":"2019-08-01T15:08:24","slug":"bitcoin-price-forming-descending-triangle-market-showing-consumption-of-demand","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-forming-descending-triangle-market-showing-consumption-of-demand\/","title":{"rendered":"Bitcoin Price Forming Descending Triangle, Market Showing Consumption of Demand"},"content":{"rendered":"

As Bitcoin price<\/a> struggles to maintain strength above $10,000<\/a>\u00a0but is unable to push below $9,200, the crypto asset\u2019s price chart has formed what appears to be a descending triangle \u2013 a bearish continuation pattern, that does have potential to break to the upside.<\/span><\/p>\n

The formation shows many similarities to a descending triangle that formed during the 2018 bear market, that eventually sent Bitcoin plummeting to its bottom around $3,200. One analyst believes that although the market is showing demand for Bitcoin, that demand is being consumed ferociously and once that demand begins to fizzle, the selling pressure may finally get the best of bulls buying the dip.<\/span><\/p>\n

Bitcoin Price Forms Descending Triangle, Target is $7,500, But $6,000 is Possible<\/h2>\n

Bitcoin price has stagnated in recent days, unable to choose a clear direction. The leading crypto asset has been locked in an increasingly tightening range and has not had the bullish momentum to break above $10,200, yet bearish sell pressure hasn\u2019t been enough to break below $9,200. The bouncing back and forth between peaks and troughs has caused Bitcoin price to form a descending triangle<\/a>, a chart pattern that could have a target of $7,500 if confirmed.<\/span><\/p>\n

Related Reading | Bitcoin Price Rejected From $10K, Or the Start of a Bullish Reversal?\u00a0<\/a><\/strong><\/em><\/p>\n

Crypto analyst Dave the Wave \u2013 known for his long-term trend analysis<\/a> using moving averages, the MACD, and most importantly an emphasis on Bitcoin\u2019s logarithmic growth curve \u2013 is long-term bullish on Bitcoin, but in the \u201cmedium-term\u201d expects Bitcoin price to fall out of the descending triangle formation to around $7,500 where a bounce could happen.<\/span><\/p>\n

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The dreaded descending triangle…. pic.twitter.com\/CxSpgXTMJw<\/a><\/p>\n

— dave the wave\ud83c\udf0a\ud83c\udf13 (@davthewave) July 31, 2019<\/a><\/p><\/blockquote>\n