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<p>According to crypto trader <a href="https://twitter.com/ali_charts/status/1736750906559852900" target="_blank" rel="noopener noreferrer nofollow">Ali</a>, bitcoin appears to be carving out a descending triangle pattern on its hourly chart that could soon result in a major price swing. He notes that there are two key levels that may determine the next big BTC move: $41,900 and $40,700.</p>
<p>As Ali points out, Bitcoin has formed lower highs and horizontal support around $40.7K over the past couple days, creating the descending triangle. Descending triangles are typically bearish patterns, but BTC remains stuck in the middle of the formation for now.</p>
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<p>The boundaries created by the horizontal support and angled resistance lines are squeezing price action into an increasingly tight range.</p>
<p>Ali believes that eventually, Bitcoin should see a strong breakout move once this period of consolidation comes to an end. If BTC falls through support around $40.7K, he sees a potential drop of 8–9% toward the low $30Ks.</p>
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<p>However, a move above the descending trendline and $41.9K could also spark a rally of similar size. In other words, as per Ali’s analysis, bitcoin looks wound up and ready for higher volatility after days of directionless churning.</p>
<p>He advises traders to keep a close eye on the apex of this triangle, as BTC’s next big swing looms in the very near future. A clean break above $42K could ignite the bulls, while a plunge below $40K may open the floodgates for more downside. After several days of calm, Ali believes bitcoin appears on the verge of making its next major move.</p>
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<p>The post <a href="https://captainaltcoin.com/bitcoin-is-forming-a-descending-triangle-on-the-hourly-chart-analyst-asks-to-focus-on-these-two-key-levels/" rel="noopener noreferrer nofollow">Bitcoin is Forming a Descending Triangle on The Hourly Chart, Analyst Asks To Focus On These Two Key Levels</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Bitcoin is Forming a Descending Triangle on The Hourly Chart, Analyst Asks To Focus On These Two Key Levels

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