Bitcoin Price Action Hints A Revisit To $18500; Buy Again?

A bear cycle within the descending triangle pattern has breached in between support of $19600. This breakdown should accelerate the ongoing selling pressure as the market sentiment is already in fear, with interest hikes in November. Thus, The potential downfall may plunge the Bitcoin price back to $18500.

Key points:

• The falling prices breached the 20-day EMA support
• A lower price rejection below the $19400 stall the buyers wrestling for trend control
• The intraday trading volume in Bitcoin is $16.8 Billion, indicating a 4.5% loss

Source-Tradingview

The Bitcoin price chart shows the formation of a descending triangle pattern. The coin price has retested the pattern’s barriers, i.e., descending trendline and $18500 neckline support, several times indicating the traders respect those levels. 

Furthermore, the lower high formation within this pattern reflects the gradual decrease in bearish momentum. Thus, if the daily candle closes below the $18300 mark, the accelerated selling pressure will prolong the prevailing downfall and may plunge prices to $16500.