With bitcoin price falling through the bottom of my wedge I guess its time for another bitcoin update.
My feeling that the price would stay within that wedge throughout this month has ended up wrong, which is shit because I prefer it when I seem awesome!
On shorter timescales, above chart, it looks like quite a dramatic plunge. I haven’t heard if theres any reasons for this price fall particularly?
Zooming out a bit you can see that it looks like price might now be back to riding that bearish trendline down. We still quite a way above the blue dashed line, which I think will likely be strong base for eventual trend reversal back to being bullish but at the moment you have to say the trend is still down.
On my log chart there isn’t much new, this move down through support quite small on that scale and still fitting the picture of a sideways or slightly downwards consolidation. If price does plunge further down, the bottom of that lower long term trendline is about $280 at the moment. I think it very unlikely that price will plunge down like that though, I still think the path shown by my arrows is likely kind of action. In bitcoin sideways is not a gentle process large volatility up and down is part of the parcel.