Bitcoin: BTCUSD Update Over the last 12 hours or so Bitcoin has formed a continuation channel , dropping out of the lower parallel as London opened and falling away, making a bounce from support line centred around 7150 and then rallying up to the next listed old support/new resistance line at 7250-7274 where it fell away again under the heavy weight of all that structure recently built directly above it. This is perfect price action for plugged-in day-traders working with the smallest spreads - which brings us back to Goldmans and Co. It would be so educational to watch their Bitcoin desk for a day. It should be a prize in a trading competition. Right now, Bitcoin is retesting the lows at 7077 again, and flipping between here and the next old support/new resistance line on chart at 7150. we know that 7077 was the original start point of yesterday's big rally - so Goldmans etc will try to push it down below here to take out stops underneath and then if it doesn't start to rally from 7077, where they want it to, as per shape of this decline so far, and price gets stuck under 7077, they'll start to unload again and look to pick it up again at 6960-6930 key support. So it's a speccy buy at 7077 but with a tight stop at 7050 because if it breaks here it will come back to major support at 6960-6930 where it's another buy with stops under 6900. So there are two points of interest for buyers today: 7077 with stop under 7050 or 6960-60930 with stop under 6900 if the first shot fails. We were looking for a potential double bottom to form...it should do it here or from the next line of support at 6940 if it's going to do it at all. At all costs, 6900 must hold up to all bear raids today - any failure to do so would tip Bitcoin into serious bear territory, signalling further intense selling pressure back to 6312 at least, and potentially to 6165. A good short if we see it at any point with stops above 6960. Be Lucky