Bitcoin fell to six-week lows near $3,350 earlier today, confirming a downside break of the descending triangle charted over the last three weeks.
That range breakdown is preceded by bull failure over the weekend. Prices had jumped to $3,658 on Saturday, confirming a triangle breakout. The bullish move, however, petered out, with prices falling back to $3,500 yesterday. Put simply, bull breakout failed, which is widely considered a strong bearish signal.
As a result, December lows near $3,100 could soon come into play, possibly after a minor bounce as the RSI on the hourly and 4-hour chart is reporting oversold conditions.
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