Bitcoin: If Support Fails $2,000 Is A Possibility – Here’s Why

The Bitcoin trend remains up as it has spent the majority of the past 5-years inside of rising channel. Nothing of late has changed this long-term trend but it is testing support right now [but] if support…should happen to fail, the descending triangle measured move suggests that Bitcoin could head towards $2,000!

The original article has been edited here for length (…) and clarity ([ ]). For the latest – and most informative – financial articles sign up (in the top right corner) for your FREE tri-weekly Market Intelligence Report newsletter (see sample here)

[As illustrated in the chart below,] bitcoin could be creating a “Bearish Descending Triangle” at (2), with support coming into play along line (3). Weakness of late has it testing line (3) for the third time in the past four months.

If support line (3) would happen to fail, the descending triangle measured move suggests that Bitcoin could head towards line (4), which is near the bottom of rising channel (1), which comes into play around the $2,000 level.

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