JacobFranklin
Short

BTC Wavetrend Analysis and Current Wedge Setup

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Reasoning Explaing on Chart

This is a neutral analysis but currently we don't see much sign of a reversal. We are at a previous intermittent support level which is marked out by the dotted gray line, but no clear sign of a bounce off of that line yet. If btc consolidates and falls below the dotted gray line, we are looking at support in the purple zone.
Comment: Update: "Short" Only means that if it breaks the gray dotted line we will likely see a fall to around the 7200 zone. Long term trend is TBD by what happens with bounces off of the support levels of the wedge.
Comment: Posted a new idea as neutral
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