Bitcoin Confirming Falling Wedge and Falling to 200MA?

2018年2月1日

Bitcoin is currently sitting atop the strongest channel of 2017 (Green Lines), a strong previous resistance that has now become support. However, after a failed bullish symmetrical triangle off the ATH, we can now see a bearish triangle being formed at this support (dotted lines). BTC has failed to maintain above the Daily 100MA, and has a history of bouncing off of either the Daily 50, 100, or 200MA. Therefore, I hypothesize that it will find a bounce at the 200MA. There are a lot of interesting things beginning to come together on the daily chart for BTC at this level. Not only is it sitting at the bottom of that strong growth channel (which was a steady channel unbroken until the holiday season FOMO), but it is also at the 61.8% fibonacci retracement level. I also believe that this drop will confirm a falling wedge scenario (red lines), where we can begin to see a bottom/breakout zone around that area. Finally, if it is to remain bullish, it makes sense that Bitcoin would ultimately return to the more natural growth channel it was in before the new money flooded in, pumping the price.