Bitcoin (BTCUSD) Now back at Major Support. If This Level Breaks It Could Spell Trouble

After the big price increase in trading on trading on Monday failed to hold, whilst many were saying to jump on board, I wrote here that the breakout had not been confirmed and that that kind of price action is not what you want to see during a bull market run.

I also wrote here about the concerns I had with the resolution of the price pattern.

Now though, price is sitting right back on top of the descending triangle. If this support cannot hold, then Monday's move would have to be deemed a failed breakout. When breakouts fail, they have a nasty habit of moving in the opposite direction and doing so quickly.

Watch that support closely and manage risk accordingly. Any failure and the downside targets could very quickly come in to focus.