BTC $6800 +reversal, clash of 5yr asc trend & 4mo+ desc channel
Two major adjustments here to my previous TA for BTC. I realized that the trend that kicked off this run to 
14K was actually a continuation of the trend that started @$250 in 2015, this caused the line to slightly tilt clockwise pushing the date to the right for intersection of this multi-month descending channel and the overall ascending trend line which I believe will signal the beginning of the reversal of the downtrend we have experienced since 14k. I have changed that line to bold red.
Second change is that I moved from 4h candles to 1d candles and it made a massive difference in the position of the current descending channel we have been in since 14k. It makes it easy to see we had never really broke out of channel on the 1d candles and the possibility for a ~$6800 low (depending on timing) is quite feasible. The support at bottom of channel has held for ~4 months now, there is no reason to believe it will would not hold now.
Timing, when will the reversal come:
If the price drops to bottom of channel and hangs out, we may see an intersection forced reversal start by mid-late December. If the price maintains in the 8k area it could be as late as late April, early May of 2020.
With a 5 year trend line still intact, there is strong probability that BTC will not break below this trend line in any meaningful fashion. If BTC breaks below the 5 year trend line, it would be extremely bearish. I believe the overarching trend line will hold and that intersections of the two largest trends will kick off a reversal of the current descent.
This is not investment advice, DYOR.
14K was actually a continuation of the trend that started @$250 in 2015, this caused the line to slightly tilt clockwise pushing the date to the right for intersection of this multi-month descending channel and the overall ascending trend line which I believe will signal the beginning of the reversal of the downtrend we have experienced since 14k. I have changed that line to bold red.Second change is that I moved from 4h candles to 1d candles and it made a massive difference in the position of the current descending channel we have been in since 14k. It makes it easy to see we had never really broke out of channel on the 1d candles and the possibility for a ~$6800 low (depending on timing) is quite feasible. The support at bottom of channel has held for ~4 months now, there is no reason to believe it will would not hold now.
Timing, when will the reversal come:
If the price drops to bottom of channel and hangs out, we may see an intersection forced reversal start by mid-late December. If the price maintains in the 8k area it could be as late as late April, early May of 2020.
With a 5 year trend line still intact, there is strong probability that BTC will not break below this trend line in any meaningful fashion. If BTC breaks below the 5 year trend line, it would be extremely bearish. I believe the overarching trend line will hold and that intersections of the two largest trends will kick off a reversal of the current descent.
This is not investment advice, DYOR.
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