Bitcoin - are you going to 4k?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hi guys!

We still don't know where does bitcoin gonna go ;)

We were moving up fast, but haven't broken descending channel and now we bounced off the upper line.
What next? I think that we are facing the ABCDE correction, and here comes wave E. So if i'm right, we need to fall down within the yellow, descending channel .

Where will we stop then? I marked possible supports as trend lines and support lines. Support lines should be stronger, but when we were falling before (wave C) we were bouncing off the trend lines . This time may be different because we have formed two strong support lines. Anyway, trying to draw ABC correction there might be not enough room to retrace within the support lines. That is why i think we may bounce off the trend lines . If so i see the bottom at ~4k.

On the other hand still the scenario from my previous TA, that bitcoin is touching lower border of descending channel at 3,5k is possible. There is the place where cloned ABC correction from previous wave C points .

And please remember - this information is not a recommendation to start a short position. It's for educational purposes only.
Share with me your thoughts please :)
Comment: I think we have a confirmation, that we are going down more. At least to 8400
Comment: We are bouncing of our major support 1 now. It's still holding strong. 4h indicators are bullish. If it holds we may go up and create inverted H&S formation - trend reversal pattern. It this support will breake, we will probably be falling down to the trendline, and next to major support described as 2
Comment: We have a minor support at 10500 - 0,5fib lvl. Resistance is at 0,382fib lvl - 10800, and then the yellow line, which is an upper border of descending channel. Are we going to break this channel finally or we just are about to bouce it once again?
Let's see
Comment: I forgot - we don't know where are we going...but indicators are telling us rather "short" than "long"
yes we r
+1 Reply
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