BTC 16/11/2018

Afternoon everybody, unless you have been living under a rock, you will know that BTC has finally broken down from its descending triangle which has been in play for around 9 months.

Bitcoin is currently finding support on a trendline which has been holding for years. Although i do think we should see some kind of correction to maybe come back up and test the $6,000 resistance level, i do believe that this trendline will break eventually.

There are a few scenarios which could now play out for Bitcoin, the first one and what i believe to be the most likely is shown below. I believe the bears have lost their short term momentum and this could see a correction likely happen before we see further downside. Illustrated below is how i see this playing out, as you can see from the yellow arrow i believe price could recover and come back towards the $6,000 level where it will be rejected and then it will rollover and head down towards the next horizontal support level which is around $4,450.

One more scenario which could play out for BTC is that it could be in a falling wedge (bullish long term) undergoing a WXYXZ correction, with the Z being somewhere at one of the horizontal supports shown below. IF BTC is going to head to $3,000 that would bring us very close to the apex of the falling wedge, and the closer the price comes to the apex, the more explosive the price action.

Thankyou for taking the time to read my current thoughts on BTC. Upvotes and follows are very much appreciated! Let me know below if you think BTC is soon to start rallying or if you think this bear market will be prolonged like the previous one in 2014/2015.

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Disclaimer: I am not a financial advisor and any of my content should not be taken as financial advice. The information and content provided is purely my own thoughts and intended for informational and entertainment purposes only. This is not investment advice. If you want to invest you should consider consulting with a professional beforehand.