ryanbs1975

Looking at the big picture, bearish short term, mid/long bullish

BITFINEX:BTCUSD   Bitcoin
All Hope is Lost!!!! Just kidding but certainly not looking good in the big scheme of things. Have dropped below all five major EMA Indicatior, well below the EMA ribbon, the Ichimoku cloud has rejected us once again. In the overall is looks like we are trading within a falling channel within a falling wedge. Trading volume within the range is falling off again which would indicate more movement to the downside with our next area of support around the 6200 area. After that we shall see if the bottom of 5780 stays true so not to prove the last bounce from this area was a so called dead cat. If we dont see another defense of the bottom we see a downside somewhere in the 5200-5400 range. And maybe a bounce from there. I personally don't see, at this point, if we stay in the wedge further downside than that at this point.

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