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

https://www.tradingview.com/chart/BTCUSD/yEmwnvxN-Bitcoin-Updated-Daily-Chart-for-06-13-21/


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!

BigskyCrypto

info@bigskycrypto.com









































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