Bullish trendline broken, bullish channel broken. Short it to anywhere between 78xx or 68xx based on recent resistence/ support areas
Hoping to see this play out from here and bring us up to long term trend line price of about 8k in next 24-36 hours before continuing downward trend based on long term wedge.
Medium term outlook is bearish and a full retest of lows is very possible perhaps ending in a large bounce up out of long term wedge and off of previous lows near 5800-6000. This could very well result in an ascension in price and would seem to be a logical time for a trend reversal. If BTC commits south of trend lines, new TA will be needed.
Two consistent trend lines seem to be the major resistance and supports. If these trends continue we could see a boost up to $8000 - $8050 over next 72hrs if price continues to be held up by lower trend line . Furthermore,there's a possibility of an extra boost from .236 fib line once price passes $7865. If either trend line breaks and sustains, this idea becomes obsolete.
After previous bullish breakout/fakeout, price dropped out of short term wedge after bouncing down off of fib.
Arrow points to where btc price recently broke long term trend and today bounced off of long term fib and long term trend lines on the daily scale. Its my first chart ever go easy.