Bitcoin has formed a rising wedge on the daily and broke through the top resistance line of the downward channel formed on Nov 21 with the support line formed on Nov 24. Price action seems to be a correction from the relative over sold condition on the RSI daily and 3 day charts. A similar pattern, daily rising wedge, was formed after the bottom was found back in Jan 15 2015. Rising wedges are bearish and price should fall between 3725 and 3300, which is when the decision in the market will be made. Is 3122 the bottom or is there more room downward? Short term bullish (1-3 days) Long term bearish (1 week).
Also, note there has not be a capitulation event, 1-2 days major move down 45%.
Also, note there has not be a capitulation event, 1-2 days major move down 45%.