After falling over the lower parallel that had been guiding the weekend rally - the added momentum needed from far East to
keep this monster on the boil never arrived - Bitcoin fell away overnight allthe way back to the entry point of our first trade
from the weekend - so without that stop around 7450 things wouldn't be looking so fine right now. It's bounced off the
fixed support line at 7077, with a low so far at 7074.
Right now it's trying to make a secondary higher low off the
next listed support line centred around 7260 with a spike at 7224...if it caan hold up here it will create a reverse head and
shoulders with an upside target at 7720 - but it must hold up at 7260 and at 7224 on any more selling pressure to look good
from here...it's a speccy buy here with stops under 7220 for 40 point loss or 320 upside. There is a second, less risky entry
point, which is to wait to see if it bounces here and then go long when 7403-7424 range is broken on upside and to buy on
next minor pull-back for rally to 7720 minimum upside target.
On downside, key near term support at 7260-7220 must hold
today for the bull case to remain good today. Failure here will
invite another round of profit taking at least back to 7135 again if not to 7077 again.