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  Bitcoin: If Support Fails $2,000 Is A Possibility ? Here's Why  
  Lorimer Wilson on 2018-06-11 18:59:35.0
 
 

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!

[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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