BitCoin needs to hold above the 6850 level

If Bitcoin can't hold above the 6850 level, in my opinion, it is all over. In technical terms, we call this a "washout high". This is where price reaches an apex, fakes a move to one side (washing out all the shorts and baiting the longs), then fails to gain any momentum and ROLLS OVER. Pay attention to the BLUE LINE on this chart. If BitCoin fails to hold above this level, then we will likely see a rollover to the downside and a move to below $6000.

Be very cautious here. This type of WASHOUT move is very common near the end of a FLAG formation. It baits you and destroys you if you are not prepared.