What an insane morning/evening has it been for Bitcoins.
Our previous analysis has taught us that if we don't close above our long wick at 7515 on November 8th then we are confident that we are entering in our bearish trend.
Right now as we speak we are hovering around the major resistance around 6200 which i expect a flag formation to happen and we can then expect our final target down to 4730 which is our 61.8% fib where we can find another opportunity to long the market.
We still have room for more divergence to break down without breaking line.
If we also expect a flag formation forming then we can also expect a simple ABCD leg completion denoted by leg 1,2 and 3,4. This also lands nicely into our short target of 4730.
I'll be keeping a close eye out on this currency this week.
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