Taking the price structure from the 2015 bear market, it looks as if it fits well into the current market structure. I think that if a third test of the 200W holds, there is a good chance the worst of it is behind us.
Bitcoin is looking like it wants to test 200W tomorrow and wick down to last years low. Support should be found and a rally to the 100 and 200 day expected over the the next 15 days.
Support of the yearly low would yield a rally to to the upper 100 and 200 day moving averages. A rally to the 100 day would be weak, its corresponding volume would suggest 3 more month before an additional breakout with a bearish preference. A move to the 200 day would open up a descending triangle ending in October where a very large move would be waiting. If a...
