Triangle pattern breakdown in Bitcoin

In our recent posts we showed the triangle pattern Bitcoin was trading in. We also mentioned that the most probable scenario was for Bitcoin to break the pattern to the downside and continue its downward trend. However we also mentioned that we believe this downward move will most probable the final one before a big bounce.

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Red lines - triangle pattern

Yellow rectangle -possible target area

Black line- trend line

Bitcoin has broken the triangle to the downside and we now expect a decline to follow. Our minimum target for this decline is to see price break below the May 19th lows. I expect price to form a major bottom around $25,000 and $15,000. Trend remains bearish as long as price is below $39,000

The material has been provided by InstaForex Company - www.instaforex.com

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