Bitcoin Short Term Bearish Descending Wedge - Target $660 USDThis is for my followers, a quick chart to draw a clear picture of this irrational market that killed the megabull and started this nonstop sell-off due to the PBOC imposing regulations on Chinese exchanges to stop illegal insider activities, wash trading and any other form of elicit activities that have been plaguing the exchanges etc.
It was pretty clear that exchange insiders were aware of the PBOC incoming announcement (before it was announced publicly to us) and hence they started the sell off after breaking the ATH on Chinese exchanges. We can hope that the PBOC's exchange regulations will finally put an end at these years of illegal activities so Bitcoin can really start to shine with less manipulation.
Levels (support and resistance) on chart depicting a simple descending wedge.
Short-term: Expecting some more chop/sideways short-term then a quick retest of $680-650. That dotted yellow line represents the old major bull neckline of 2015 (very important for it to hold else we will have bearish repercussion long-term). Once we hit $680-660 I forecast that the 1D RSI will be roughly around 23-27 in the oversold area which represent my perfect buying opportunity indicator as you know.
Long-term: Expect to bottom at $660s roughly. By year end around October, 8 2017 (235D Cycle) I expect a retest of the ATH if not higher targets ($1500 or $2000)
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