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proctrx
Mar 30, 2018 4:32 PM

BTC to bounce at around 6400? Or continue down to 6k? Short

Bitcoin / DollarBitfinex

Description

In the midterm, BTC has been travelling in a narrowing wedge based on recent swing low and swing high. SMA50 and 200 are still in death cross position suggesting bearish trend will continue. I'm marking 2 points of interest, one when it meets the wedge line at around 6400 based on current speed, or if it breaks that, it may test the long term low of 6k. There was a lot of support there before so it may be that 6k offers some serious support. For now I expect the downward slide to continue apace and will be looking to short if we break 6400.
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