BTC/USD, The Case for Bearish Continuation and Zones of Interest

Sep 22, 2017

BTC is clearly still in a bear channel. We have yet to break the downward trend line. Momentum can easily take us back to a retest of 3k for a potential double bottom bounce, that of which I assume will be rejected by the downward trend line approx. at $3400. If that becomes the case, I would expect us to sink to where the upward trend line intersects with the downward trend line, approx. $2500. That will be my target zone for re-entry, including other alts, depending on volume, and market sentiment when/if we get to that point. If for some reason the world is ending, and BTC looks like it is sinking further, I'll look to the next long term trend line for support.