If you follow me on twitter https://twitter.com/3L3C70 you would know I am pretty overall now. We saw two nice rejections below 7 k. We have broken downtrend & are now recovering from the rally we just had. Key levels are marked where I expect us to start going back up from. If you follow me on twitter you would have seen this about to break down and hedged with $BCH and made out profits even if you were long on bitcoin . This is why you need to always properly hedge your positions. Thankfully bitcoin this time gave us all the indications of a dump before the actual dump and BCH over performed on the dump as it did during the pump.
From the longs vs shorts ratio we can see a lot of shorts took profit I expect some more to close in the 7800-8200 range (if we get these). 18hr and 12hr golden crosses are trying to cross bear again, but until they do, going long is probably the safest bet here.