Bitcoin is currently trading below $40,000 after briefly kissing the bottom of $38,000 today. Weekends prove deadly for cryptocurrencies – should investors brace up for the ‘weekend Crash Landing’?
Bitcoin broke positively from the triangle pattern, turned out it was a fakeout to collect some stop losses. Bitcoin now has a bearish breakdown with confirmation candle which can lead to a massive 15% decline under the triangle pattern effect. Bitcoin has local support at $35,000, fib 1.618. Previous support of $40,000 now turns into local resistance.
