BTC IDEA-

7 feb 2018

BTC has potentially bottomed out and recently broke a lower high and resistance level to the upside. This is not to say that we are 100% out of the woods now. The technical picture is still developing, However price is approaching a key inflection zone that has acted as support previously during the bull run and converted to resistance during the recent downtrend (after a nice retest of the level). This zone offers confluence with the upward trendline as well. We'll wait and see how Price reacts to this level. If it breaks through to the upside with an impulsive thrust, then I believe we'll have a sentiment change and the bulls have regained control. Otherwise, If price fails to break this level, we can expect much more downward pressure and we may see and test $1800-$3000 levels.

Stay safe Ladies and Gentlemen