BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Sigh the drop last night was not a good sign. It dipped below supports to hold up the bullish view. Its not like it is over yet but time to get ready for another big drop since it is becoming more likely as time progresses. We are still in this weird wedge inside a rectangle with long wicks on both directions, showing indecision. Surprisingly more shorts are liquidated and more longs are being added so that gives me a bit of hope that it may be a huge bull trap still, but always prepared for the worst. If this breaks below 8.7k I see the next support around the .786fib retracement around 7~7.4k. There is also a 2 very long term trend line support there that has been confirmed with the recent 6k bottom that shows we will not be dipping below too much below 7k. If my stop losses are triggered, I'm putting stacked limit buys near the zones and hope for the best. Hopefully we will have a bullish breakout from this wedge pretty soon and confirm the bull trend.
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