Implications of a possible multi-month descending wedge

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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!


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