Admittedly, Bitcoin dropping out of the symmetrical triangle is very bad for the bulls but is it really a bearish sign or a bear trap? Personally, I would not short Bitcoin just yet, not until it drops below $9000. For now, a strong recovery with a daily close above the lower triangle could indicate a trend reversal so watch out for that. If that happens, then naturally we would expect buyers to push up the price to test the upper triangle near $12k and 18k beyond that. Again, this upside move depends entirely on whether we can get a daily close above the lower triangle. Conversely, a close below the triangle would indicate more downside for Bitcoin over the near term.
