Chart is simple, click the play button every 5 days and follow your path. I personally predict the blue path will take play.
BTC is a year away from testing a crossover of 2 major that have been active for the past 7 years.
As of now we can play scalp trades, I see a short opportunity today anywhere from 7500-8200. I'll be risk trading to short near $8k to re-buy at ~$5500 in the next 20 days. I'd say we will make this landfall around ~ April 21, 2018
From there we will break out of the current log downtrend that started in December that seemed to have been forming a giant , followed by full FOMO to kick it to the $11,700 area. Short there and scalp the channel on the way to the new target zone where we will hopefully test the from early 2012 (Long Buy Zone).
It'll be rejected in that area (11.7k) and BTC will form a new channel as it did in 2013-14 for a downtrend. Scalp trade on our way down there. The target area is critical and if we break out to the upside it can be a new beginning to a new bull run.
Check my other posts for daily updates on day trading.
True resistance lies ~7240
1 Day TF chart from the original post layout. (bearish scenario)
Choose your destination :)
1 hour update.
As long as this support holds on the daily we may continue up the rising wedge.
Once lost it can trigger lots of shorts.