After the launch of Bitcoin in July 2010, the currency has gathered astounding market capitalization up to 150,000. Its price has been fluctuating in bullish and bearish ups and downs since then. It has shown different ascending and descending trends on the charts. However, the analysts have failed to answer the cause of bearish triangles.
Analysts measure the bearish trend by joining the lower highs and create main trend line by breaching it down from left to right. Moreover, to show the descending pattern, the secondary trend line is connected to lower lows. This results in the formation of a descending triangle that shows the bearish nature of the currency.
When the analysts release these bearish weekly charts the price generally move towards the bullish zone to break down the bearish triangle.
In March 2014, the price of Bitcoin managed to get free from the 1.2 years long bearish triangle. However, the bulls did not sustain long because they were rejected by 200 DMA. Which clears that Bitcoin price under 200 DMA shows the bearish trend in the market.
But by looking at the history, the bearish market can be changed into the bullish zone if the price moves above the 200 DMA. Therefore, it is expected that the Bitcoin will move in bullish zone in early 2019.
If we see the other side of the coin, the Bitcoin is moving in the bearish zone from the past seven months and has fallen under the 200-DMA since February.
This depicts that market can be bearish in next year as well. But, if the price breaks down the resistance will be at $5,400 resistance. This price breakdown will lead to a bullish market of Bitcoin price.