Bitcoin is currently on the way to drop further, but it is not yet clear what it will do with regard to the February $6k low. On the chart above you can find one of the scenarios -> taking out the $6k low: if BTC takes out the February $6k low, this would create a multi-month (= quite reliable) descending wedge, which would imply a price drop to between 
4K and $5k (in one or more dips). This price drop would come close to the multi-year (= even more reliable) upward trend line support, which is highly unlikely to break. Hence, this could be a long term bottom. This is just one scenario, but the stage for it might get set very soon. Safe trades!
4K and $5k (in one or more dips). This price drop would come close to the multi-year (= even more reliable) upward trend line support, which is highly unlikely to break. Hence, this could be a long term bottom. This is just one scenario, but the stage for it might get set very soon. Safe trades!
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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.
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.