Darkness is the absence of Lite

Possible scenario. With the Daily Stoch on the floor we are due for a pump, however - I think it will be short lived.

I see the possibility that we will go to the original trend line from a LONG time ago - approximately $37-38. I know it's hard to believe, but BTC will be leading the way down.

Good Luck!

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I'm also considering - the 3 day Stoch is falling as well as the weekly. I don't think we'll get a "true bottom" until they both reset.

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Updated Chart. We may touch the daily cloud before a bounce...

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Bounce off of trendline but I think this is an exit pump. I think we'll revisit the trend line and consolidate around there.

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We should see by the end of the weekend if this is a bounce to higher highs or a full retrace down to 36. However, I would still be cautious to "bet the farm" until late next week.

One thing I'm concerned about is the solvency of the Chinese exchanges. If traders start having a difficult time removing money - delays, withdraw issues, no customer service, etc. We could see a "run on the bank" so to speak. Be Careful!

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4 and 6 hr stoch about to fall. Failed to break through 60 yesterday. If today is bloody as I think it will be, we should start seeing the formation of the E leg.

Also - will the miners in China be spared from the governments wrath? I doubt it. Expect more fud soon.

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Heading towards D. Be prepared for resistance at 57-58 zone.

Trade closed: target reached:

we should see a pull back now and a continuation of the downtrend. If we break above 60, we'll see new highs.