We have broken below the bullish channel right now and we are now waiting to bounce or fall below the $7200 mark.
That will be the true stress test and the bots are killing everybody right now. These past few upticks over the past week are fully bot controlled and people are getting destroyed by thinking one green candle that looks big is the bull sign.
As we can see from the chart we have broken out of the .5 channel on the fibinocchi retracement and now if we break down below the .618 line then we will be in bearish mode and considerations for short positions is likely but unsure until tomorrow. If it drops below definitely consider liquidating your positions if your a swing trader.
Also the big news from OKEX https://medium.com/@Austerity_Sucks/the-415-million-elephant-in-the-room-okex-futures-unfilled-btcusd-liquidation-aa601b188005
Someone got recked on a long position and is getting liquidated but the position filled was $415 million dollars and OKEX only has coverage insurance for 10 BTC which isn't even $100,000.
So unless BTC goes back up to $8020 we will have to see how this nasty situation plays out!
New content tommorow!!
Cheers
Dante
