The weakening of the bitcoin market over the past 24 hours has proven that the bears are still in control of the game. I was hoping for the 8000 level to hold but it did not, which confirms that we are still in the giant bear cycle.
So where does it leave us? As you can see from my chart, we are currently traversing inside a falling wedge. I am estimating the bottom of this wedge at 7600 where there are huge support walls. If price does find a bottom there, we may see a rebound up to 9600 based on the wedge. What we should acknowledge is that the resistance between 8800-8900 might deter the rebound from its full course... only time will tell.
So where does it leave us? As you can see from my chart, we are currently traversing inside a falling wedge. I am estimating the bottom of this wedge at 7600 where there are huge support walls. If price does find a bottom there, we may see a rebound up to 9600 based on the wedge. What we should acknowledge is that the resistance between 8800-8900 might deter the rebound from its full course... only time will tell.
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We won't reach 7600 because we are not on a falling wedge. We have reached the bottom and are on the way to 8300. I have a new updated chart that explains everything. See it here -> 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.