Bitcoin price at risk of $30K retest following bearish triangle breakdown

[Tnoy30]

An overnight crash in the Bitcoin spot market Wednesday brought prices down from $35,077 to $32,250.
Bitcoin’s (BTC) price looks poised to retest $30,000 as traders continued to pull back from upside bets on a spell of a bearish technical pattern.

Dubbed as a Symmetrical Triangle, the structure forms when an asset fluctuates between two converging trendlines.

In doing so, the asset rebounds after testing the Triangle’s lower trendline as support and pulls back upon treating the upper trendline as resistance. Eventually, it breaks out of the range, in the direction of its previous trend, and falls by as much as the maximum distance between Triangle’s upper and lower trendline.
Source: Bitcoin price at risk of $30K retest following bearish triangle breakdown