Bitcoin and the triangle pattern

Since the beginning of July BTCUSD has mostly been moving in sideways pattern with lower highs and a stable basis around 9200-9400$. On a daily basis price remains below the Kumo (Cloud) while a descending triangle pattern has been formed.

Usually descending triangle patterns are bearish patterns. However as long as price remains above the horizontal support area of 9200-9400$ bulls continue to hope for an upward break out above the cloud and the downward sloping trend line resistance at 10900-11100$. Breaking above the resistance would be a bullish sign and would give us 15500$ as first target. If support at 9200-9400$ fails to hold, we should expect a decline at least towards 8500$ if not 7250$.

 

So now we wait…..