RATE Group | Teasing ascending triangle breakdown, eyes on $ 8,600
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Teasing ascending triangle breakdown, eyes on $ 8,600

10 Nov Teasing ascending triangle breakdown, eyes on $ 8,600

Posted at 04:08h in Bitcoin News by

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  • Bitcoin targets two-week lows of 8,668, as technical set up turns bearish
  • Ascending triangle pattern on hourly sticks points to further downside.

Bitcoin (BTC/USD), the most dominant cryptocurrency, reverses Saturday’s dead cat bounce from two-week lows of 8,668.60 as the sellers return in early Sunday trading. The recent profit-taking rally in the coin lost legs, as the technical charts painted a bearish picture amid a generalized downbeat tone seen across the crypto space so far this Sunday. At the time of writing, the No. 1 coin holds the lower ground near 8,750 region, down over 0.50% on the day while its market capitalization decreased slightly from $ 160.12 billion to $ 159.13 billion.

Technically, the spot extends its range play in a potential ascending triangle formation, now teasing the pattern breakdown, as it flirts with the rising trendline (pattern) support at 8,758. The selling pressure will intensify on the breakdown, opening floors towards…

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