The has just drastically increased and the momentum went from sideways to . The only strong level we have from $10 000 is the $8 500 area. We have not heard of any major FUB news crap about BTC for a while and I suspect something is cooking. I think we're going to get MAJOR FUD at that price level to help break that support and drive the price further down. At which point from $8 500 to $4 700 there is no longer any strong holding level. We go DOWN.
The 2 possibilities i'm seeing are those:
1. We retrace to about $10 000 and continue going down (squaring up that big candle which is a bad thing in the long run and indicates that we might see BTC go sideways for a while once it bottoms out at $4 700 (if it does))
2. We keep going down and leave square up on the way down which indicates a bounce at the bottom and uptrend movement once we bottom (again if we do bottom)
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For reference to the global 5 waves BTC move I have been predicting for months click on the Related Ideas under the post!