Bitcoin Price Taps $50K, But Here’s Why Bulls Aren’t Out Of The Woods

Bitcoin price this morning touched $50,000 – a feat that might have have made a bear market look a lot less likely. But bulls could be celebrating too early, and a max pain scenario of a symmetrical triangle few currently see could end up shaking up both bears and bulls in the days ahead. Here is a much closer look at the symmetrical triangle, what the corrective pattern suggests, and why bulls certainly aren’t out of the woods just yet. Downtrend Remains Unbroken, Symmetrical Triangle Possible Downtrends can be deceiving. They don’t always necessarily mean a bear market, and even if a downtrend line is broken, another one can form higher and prevent the reaction bulls are expecting. Related Reading | Could A Bitcoin Bull Flag Leave Bears Blindsided? For example, when Bitcoin broke out from bear market downtrend resistance, the early 2019 rally to $13,000 was the result. However, because of the new downtrend line created at that high, Bitcoin spent another full year and then some below the new downtrend resistance. There is still one more downtrend resistance to go before bulls are out of the woods | Source: BTCUSD on TradingView.com Assets often must clear three opposing trendlines for the primary trend to resume. This situation is happening now, but on much smaller time scales. Bitcoin price has made it through two downtrend lines, but one is left. Drawing a symmetrical support line provides the potenti...