BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is still taking it on the chops, and it's looking very grim on higher time frames with the descending triangle . Mid term on daily time frame is looking rough with this massive red dildo, and if/when we break $6118.7 we'll most likely drop below 6k again.

We have to start making higher highs instead of lower highs. If we break above $6596.5 then the chances of going back up to $7429.2 are good.

But if we start breaking these lows, the previous one being $6118.7, $5862.7, and the yearly low of $5763.3, then things will be very painful. Right now, as long as we're above the yearly low then we're going to be okay.

I really think it's up to a news event, such as an ETF approval/denial, that'll trigger market makers to pump or dump. Keep eyes on the news, the yearly low, and the lower highs/higher highs.
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