Bitcoin: Next Stop 8100 for BITFINEX:BTCUSD by crypto_school

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As predicted we broke downwards from the middle declining trendline as we are now seeing support at the long-term trend line (red line).

If we break below 8800 for 4+hrs we don't have any support until 8100 (low support), with greater support at 7500.

Sell Entry: 8700
Target: 8150
Stop Loss: 9500

Comment:

EDIT: Clients have been asking about the fact that we are entering "oversold" on the daily.

That's why we wait for confirmation of 4hrs+ under 8800. I would expect a bit more of a battle from the bulls to keep above 9000, but if they can't do it, then a quick drop from 8700 to 8150 is likely.

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