The descending triangle is broken but the Bitcoin macrostructure continues to increase
Bitcoin's macrostructure continues to grow
Graphics shared by Crypto Michael
As we know, the leading cryptographic currency Bitcoin, After seeing the peak of the year with the dollar 13,800 in June, caught in a long process of consolidation. Analysts pointed out that the BTC was in the descending triangle and that the gap between the sides of the triangle narrowed too much. Therefore, it was often said that there could be a break with the formation of the triangle at any time. Fracture estimates were both downward and upward because both sellers and buyers continued to fight fiercely to get the price of Bitcoin in the desired direction.
Here is the long-awaited break in Bitcoin's descending triangle. The break went down. Besides, the size of the fracture was huge. The price of Bitcoin depreciated the 1000 dollar with this sudden and abrupt price movement.
As a result, we have a table like this at the time of writing. According to CoinMarketCap data, the BTC has been traded since the dollar 24 at 13.22 September 25 TSN 2019, with 14.18 decreasing by 8.459 percent in the last hour 8.500. In this case, Bitcoin seems to have surpassed a great deal of support, including the psychological support of the 10,000 dollars and the 9,000 dollar level, up to the XNUMX dollar.
Crypto merchant and analyst Crypto Michael, in his latest tweet, summarizes what happened in Bitcoin. According to him, the CME gap was filled, and the descending triangle finally broke. BTC is also testing the daily MA of 200, which should be based on the analyst.
Is the macro-scale structure broken?
Is the macro-level structure broken? Crypto Michael answers negatively to this question and states that the macrostructure of Makro Bitcoin continues to increase. He also emphasizes that this is a potential accumulation phase.
Crypto Michael (@CryptoMichNL) wrote: "BTC, Bitcoin. Summary; CME empty full, down triangle broken, daily tests 200 MA, must withstand. Is the macrostructure broken? No, the ascent continues. Potentially, this could be the accumulation phase.