After having fallen out of the ascending channel BTC appears to have found descending support with a descending resistance line above it, BTC appears to have fallen into a falling wedge formation which on the surface appears to be a negative down trending pattern, but could be a sign of building bullishness. As BTC falls down lower into the wedge there will eventually be a breaking point where the bears will not be able to hold back the bulls anymore. The aggressive downward angle of this wedge suggests that if BTC breaks out above the wedge there is a strong possibility of a huge upward spike in the price which could happen in the next day or so. This is definitely one to watch develop and suggested buy in would be just above the descending resistance line.
Comment:
.786 Fibonacci line is showing some resistance, but should this wedge hold, support could be advanced to along the old line of resistance.
Comment:
Panic selling could cause a dump under the wedge consider taking precautionary measures
Comment:
Updated Technical Analysis here
