BTC Possible retrace

4 feb 2021

BTCUSD

Bitcoin appears to be forming a descending triangle. IF we do not break out of it I am anticipating a retrace to the 26k area during the next 60 days where a long position is highly desired. By no means do I think we are in a bear market, I simple believe we need a stronger retrace before the historical monster gains of Q2 are awakened.

Please take note that the 200 day EMA is just below 21K at this time.