Implications of a possible multi-month descending wedge

2018年4月10日

Bitcoin is currently on the way to drop further, but it is not yet clear what it will do with regard to the February 6k low. On the chart above you can find one of the scenarios -> taking out the 6k low: if BTC takes out the February 6k low, this would create a multi-month (= quite reliable) descending wedge, which would imply a price drop to between 4K and 5k (in one or more dips). This price drop would come close to the multi-year (= even more reliable) upward trend line support, which is highly unlikely to break. Hence, this could be a long term bottom. This is just one scenario, but the stage for it might get set very soon. Safe trades!