Turco
Short

Bitcoin in the short term

BITFINEX:BTCUSD   Bitcoin / Dollar
527 0 11
In the short term, I am still seeing bearish signals in the charts. I could see a drop to $225 and if that breaks a revisit to $215.

1) Another potential H&S formation on the 4H.
2) We are coming up against a strong (down) trendline .
3) I also see a bearish Wolfe Wave formation, which could bring us down to target #2 of $215.
4) We are in a rising wedge , which has a good chance of breaking down.
5) BTC             Swaps have dropped significantly (almost 10k BTC             ), while USD swaps have risen to over $26mm.
6) We have been hovering at the bottom of the rising wedge for some time now, and bulls have not shown tremendous buying power.
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