The Bitcoin price has been trading sideways all week after breaking below the ascending triangle, and one of the reasons for this is because;
Investors are becoming a little cautious and risk-averse due to the rising numbers of new coronavirus cases reported daily.
The fear of countries going back into lockdown in a bid to stem this new wave of the outbreak is causing a lot of panic in different industries and the crypto market is seeing this panic spill off.
However, that Bitcoin-ranging market might just be over. Currently, Bitcoin is forming a converging triangle pattern, and this pattern is about to get completed!
Bitcoin Ready To Move
The Bitcoin price is getting ready to break out of a converging triangle pattern, this kind of breakout will offer us a high probability trade setup, and since we are still bearish on Bitcoin we will be looking for only opportunities to the downside.
This way we can follow the short-term trend and make money from a potential drop in price.
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Entries and Targets
For entries, I want to see a break and close below the base channel of the converging triangle pattern. This would confirm our bearish bias and increases the potential for Bitcoin to keep on heading down.
Our price target for this short term sell trade is the $51,254 price region, which also falls under the level region we have been watching for a while now waiting for the Bitcoin price to break underneat.
If you are still brad new to the idea of shorting cryptocurrencies, you read our How To Short Bitcoin guide. This would teach you all you need to know about making money while the market is going down.
Point Of Invalidation
There is also a very high probability that Bitcoin might just decide to break through to the upside. And while this bullish move is also tradeable, it has a low probability chance of following through because the Bitcoin short-term trend is bearish.
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Ethereum Trading Idea
We made a short Youtube video about the current setup forming on the Ethereum price, this massive move coming, and how to advantage of it right now! Click over to watch
Steps To Becoming a Professional Trader
Are you totally new or still trying to find your footing in the crypto market? Read our How To Trade Bitcoin Guide to get all the information and learning guide you need on your path to success. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
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