Josuerg33

BTC forming a falling wedge

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Falling wedge support and resistance seem to be steeper than what I drew in my previous chart. My view still the same as last time, with a few adjustments:

Right now BTC             -0.55% is bouncing along a falling wedge . I do not envision any recovery until the first week of the Chinese new year has past (23rd of February)

If btc             breaks the support of the falling wedge it can go to a 100% retracement (going back to 5400 usd)

Lets hope for the best, perhaps we will manage to keep stable around the 6800usd current support, or even test the resistance of the wedge .

In any case things should start to get much better after the 16th of February.

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