Bitcoin was in an ascending channel (green channel) for a long time then broke out above it. If Bitcoin continues to drop I believe will see it find support on the top of the green channel which places it around $4500-5000 . If it fall's further I can see it playing in the green channel for some time at round $2500-3000. When play time is over we could see it break out of the channel once again and makes it's way back up.
If your on Poloniex I made a similar chart of Bitcoin
If your on Poloniex I made a similar chart of Bitcoin
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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.