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Bitcoin Update for June 13th, 2021

Happy Sunday! Once again really nothing new to report, bitcoin remains stuck inside the descending triangle that it has been forming for about 3 weeks. As I have said before descending triangles are bearish formations so the probability is higher it will resolve to the downside.

Bitcoin Daily Chart

Looking at the daily chart above you can see that there was also a descending triangle that formed in January and it broke out to the upside BUT the big difference is that it formed during a strong uptrend and the current descending triangle is forming during a strong downtrend. Typically, breakouts or breakdowns occur once the triangle is around 70% to 80% complete so it looks like the triangle may need to continue forming for at least another week. Even though 70% to 80% completion before a breakout is typical, it is not a requirement, so bitcoin could break out sooner or later.

Unless I see bitcoin push higher out of the triangle back up into the distribution zone I will remain bearish and look for bitcoin to eventually break down lower out of the triangle, I would also expect to see altcoins continue to bleed.

That's all I've got for now. Take care!


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