Short

BTCUSD Bearish Channel on China Uncertainty Still Unbroken

Updated

- BTC/USD in a rising wedge as high as $4100 until evening of the 16th; .786 retrace from cliff on the 12th

- Not convinced the bear trend is over until the channel is broken

- Target is $2800 at the end of October, China uncertainty will fuel the downtrend with strong bullish bounces along the way (hence a wide channel) because overall picture is good - China regulation moving closer to match the US and others in West. well defined, regulated, legal trading is good in the long run

- Support possible at $3200 next week (20-21st) or $2600 if no reversal end of September

Note

Get your shorts ready. Expect some support around $3850 and $3700, but target is $3400 to stay in channel before flipping to do it all over again

doogjy

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