Bitcoin Dumps, Finds Support Above $9,300

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In Brief
  • Bitcoin broke down from an ascending triangle.

  • The price is trading inside a minor support level at $9,350.

  • It is possibly in the fourth wave of a five wave Elliott formation.

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The Bitcoin price has broken down from an ascending triangle. While it has bounced at the minor support area at $9,350, the most likely scenario is another downward leg towards $9,000. Ascending Triangle The Bitcoin price had been trading inside an ascending channel since May 14. After making three unsuccessful attempts at breaking out above the resistance line of the triangle, the
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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