Bitcoin price at risk of $30K retest following bearish triangle breakdown
An overnight crash in the Bitcoin spot market Wednesday brought prices down from $35,077 to $32,250. Bitcoin’s (BTC) price looks poised to retest $30,000 as traders continued to pull back from upside bets on a spell of a bearish technical pattern. Dubbed as a Symmetrical Triangle, the structure forms when an asset fluctuates between two converging trendlines. In doing so, the asset rebounds after testing the Triangle’s lower trendline as support and pulls back upon treating the upper trendline as resistance. Eventually, it breaks out of the range, in the direction of its previous trend,....
Related News
Network outages and decreasing smart contract reserves add further downside pressure to SOL price. Solana (SOL) is nearing a decisive breakdown moment as it inches towards the apex of its prevailing "descending triangle" pattern.SOL's 40% price decline setupNotably, SOL's price has been consolidating inside a range defined by a falling trendline resistance and horizontal trendline support, which appears like a descending triangle—a trend continuation pattern. Therefore, since SOL has been trending lower, down about 85% from its November 2021 peak of $267, its likelihood of breaking below....
XRP has been declining over the past few days, making a retest of this Descending Triangle’s lower boundary possible, according to an analyst. XRP Has Been Moving Inside A Descending Triangle Recently In a new post on X, analyst Ali Martinez has talked about where XRP may be heading next, based on a Descending Triangle. This technical analysis (TA) pattern forms when an asset’s price witnesses consolidation between two converging trendlines. The main feature of the pattern is that its lower trendline is parallel to the time-axis. This level acts as a support boundary, while the....
XRP's bearish outlook is driven by a mix of technical and fundamental factors that could see its price drop to $0.18 next. Ripple (XRP) price stares at potential losses in the coming weeks as it breaks out of a "descending triangle" pattern, with its bias skewed toward the downside.Major XRP breakdown underwayTo recap, XRP started forming the technical structure after reaching $1.98 in April 2021, its second-highest level to date. In doing so, the token trended lower inside a range defined by a falling resistance trendline and a horizontal support trendline.On May 16, 2022, XRP broke below....
Nearly $170 million left Ethereum-based investment funds in 2022, signaling a drop in institutional demand. Ethereum's native token Ether (ETH) faces the possibility of a 35% price correction in Q2 as it comes closer to breaking below its "ascending triangle" pattern.ETH price breakdown ahead?Ether's price swung between profits and losses on May 2 while trading around $2,825, showing indecisiveness among traders about their next bias. Interestingly, the Ethereum token wobbled in the proximity of a rising trendline that constitutes an ascending triangle pattern in conjugation with a....
XRP has been on a consistent downward trend since the beginning of the just concluded week. A steady flow of consecutive bearish candles on the daily timeframe has pulled the price lower each day, eventually guiding it toward an important support at the time of writing. Related Reading: Bitcoin And Ethereum Face $14 Billion Options Expiry—Market Impact Ahead? As of now, XRP is pressing against the lower boundary of a symmetrical triangle, which could determine whether this dip becomes a deeper fall or the start of a rebound for the cryptocurrency. Symmetrical Triangle Support In Focus The....