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Bitcoin Sees Pressure Toward Descending Triangle Support

Bitcoin has been trading in a descending triangle since it found resistance around 685 in the beginning of June. In August we got a bullish attempt, but it failed to break above the central support/resistance pivot area around 607. 

Today's price action has ranged down below the last few sessions's lows, showing a bearish attempt is underway toward the descending triangle support area around 540-555.

A break below 540 could open up the 500 psychological level, then the 420 support area.

(bitcoin daily chart, 8/11)

In the 4H chart, we are also seeing some evidence the market is putting pressure on the 540-555 support area. 

1) The moving averages remain in bearish alignment after the 50-period SMA failed to cross above the 100-period SMA.
2) Price has remains below the 200-, 100-, and 50-period SMAs.
3) After a bullish breakout from a falling wedge, price failed to extend higher, which can in turn signal a bearish outlook. 

(bitcoin 4H chart, 8/11)

At this point, the bearish outlook looks to dominate. However, a break above 610 could shelve this bearish outlook as it would either break, or put pressure to break the descending triangle resistance. A break would open up the 680-685 highs from late May, early June.