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BITCOIN - Mid-Term Analysis (Descending Channel)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello my friends!
The price of Bitcoin ( BTC ) might be moving in a Descending Channel on the 1-day time-frame (purple box).
We are currently moving in our Key Area, from where most of the volatility happens according to our backtracking.
A strong move is expected. Since the SMA 100 acted as a strong resistance and many indicators are giving us a sell signal,
we can determine the direction of the move.
The ADX indicator is signaling the strength of a trend. Please take a look at the yellows circles to see what we can expect.
According to our Fractal (price movement from the past) we could touch our Support at the 6800.00 area within the next 4 weeks.

I will keep you updated!
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great share :)
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cryptobuller GinoMartinez
@GinoMartinez, thanks Gino! Appreciate your comment
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Great job on this one... Bitcoin started dropping strongly after.
+1 Reply
cryptobuller alanmasters
@alanmasters, thank you my friend!
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