Dear Subscribers,

This is to share a short term update.

I do not see an immediate sell signal despite the breach of 10.6 $.
The pattern could be a completed a-b-c correction. As of now, we have to watch the lower side of the red trendchannel. If it holds, we can see a rally developing, latest from the 10 $ zone.

Only a daily close below 10 $ would give a short term sell signal.

Have a great BITday.

Dear Subscribers,

One subscriber asked for a short term update and I want to respond to
that, despite that it is Sunday...

We clearly have a short term sell signal now.

Mid term support is 8.5 $. If this falls, the mid term trend is also broken.
Long term, the bitcoin bull market is still intact as long as 7.22 $
holds. If this breaks, we enter another leg of deep bear market with
targets below 1 $.

At the same time, short term, bitcoin prices are very oversold. Hence,
there are two options and everyone needs to decide himself based on his
individual risk tolerance.

1) sell now to preserve capital.
2) even if there is more downside risk and people want to sell, wait for
a bounce up and sell into strength rather than selling into a oversold
market.
I should also mention the 3) rd option which is a climb back to new
highs after this sell off which is also possible.

For perspective, during the June 2011 decline, prices initially dropped
from 32 $ to 10.2 $, but then climbed back to 24 $ over the next 1-2
days, giving a much better selling pportunity.