Bitcoin (BTCUSD); Could The Major Pattern Fail? Two Things That Concern Me

Everyone is watching the large descending triangle that has been developing in the BTC price since the February lows this year. I have written about my target prices, depending on which way the pattern breaks here and have looked at the shorts that have been rising also.

But two things concern me at the moment. The first is that EVERYONE is watching this pattern and when everyone is watching, quite often patterns fail to resolve with a text book outcome, that being a break in either direction in this case. Also, price has moved a helluva long way in to the apex and has still failed to break.

Both of these things tell me that there is an increasing probability that price could just continue to meander sideways and fail to break in either direction, providing disappointment to both bulls and bears alike!

The takeaway here is that as always, anything can happen and nobody knows exactly what that will be. Price may break up or down but we can't rule out continued sideways movement either. So we need to wait. We need to wait for price to tell us what it is going to do next before jumping in for the next big move that may not even come.