BTC likely will drop to 6400 which is a decision point.
BTC has been respecting the descending trendline I have been drawing for months: hence the recent rejection at 7400's
I am expecting a fall to 6800 and either a brief stop there with congestion and/or a fall straight to 6400.
6400 is a longer term support/resistance and lines up with a new path of potential "higher lows". If we can stop here and move upward to retest the descending trendline, this will be a hint that BTC is beginning to turn neutral, which is good news overall since we have been bearish all year. Even if we reject again at the descending trendline, this will show an indication that BTC is losing it's bearishness and may see a recovery by the end of 2018.
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***
I am expecting a fall to 6800 and either a brief stop there with congestion and/or a fall straight to 6400.
6400 is a longer term support/resistance and lines up with a new path of potential "higher lows". If we can stop here and move upward to retest the descending trendline, this will be a hint that BTC is beginning to turn neutral, which is good news overall since we have been bearish all year. Even if we reject again at the descending trendline, this will show an indication that BTC is losing it's bearishness and may see a recovery by the end of 2018.
***Any information represented here is my opinion only and not intended to be used for financial gain. None of the information posted here is to be considered financial advice. Information posted here is strictly for entertainment purposes only. Please consult your financial professional before making any kind of investment. Investments can be very risky and any investor should educate themselves before investing by enlisting the help of a licensed financial professional. Past results are not indicative of future results in any construable way.***