Hi dear friends, hope you are well, and welcome to the new update on Bitcoin .

Another Descending triangle:
On a 4-hr time frame, after breaking out a descending triangle Bitcoin has formed another descending triangle

Another rejection:
On an hourly time frame, BTC is rejected by the resistance of $30600 and now it is possible that it may re-test the next support of $29800, and if $29800 will be broken down then the next support will be $29300.

Monthly wedge and pivots:
On a monthly time frame, BTC is rejected by pivot point , Bitcoin had such rejection back in Jan 2018 and then there was a big drop. But this time Stochastic has entered the oversold zone
and we have strong support of $28600 and support of a big falling wedge pattern. Therefore, until these supports are saved a powerful price reversal is possible.

Conclusion:
On the short term, BTC has been rejected by resistance now it may test the support of the triangle as well. But on the long-term, we have strong supports, therefore, after some sideways trend, a big reversal move can be flashed soon. For the short-term buying or long-positions Bitcoin needs to be above the daily pivot point as well, therefore, we also need to wait for BTC to move above the daily pivot to start short-term trading again.

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