BTC holds $6,500. Huge wedge to be tested in coming weeks
The broader market downtrend since Summer highs is colliding with strong $6,500 support and forming a downward wedge with potentially extreme volatility to see which one wins out. A drop through support here would look for the downward trend (dashed lines) floor, or even crash to $3,500.
I expect a breakout to the high end during second week of January, with numerous opportunities to trade the $6,900-7,300 range and one more $6,600-7,400 bounce in that time. Time for an array of limit buys/sells.
I expect a breakout to the high end during second week of January, with numerous opportunities to trade the $6,900-7,300 range and one more $6,600-7,400 bounce in that time. Time for an array of limit buys/sells.
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