The support around $8000 was quickly shattered and we are heading into the bottom fib zone.
As we mentioned previously support was at 7500, with that blown out as I am busy writing this report, its safe to say Bitcoin is going to drop like a dead bird, again..
I would put support around 5800 – 6500 should 7k fail to act as near term support.
With more bearish fundamentals like the China news and the SEC meeting tomorrow, it is hard to imagine that the bulls will come to save the day, today.
Momentum is confirming our grim forecast for the time being, however we will be on the lookout for the trend to change at any time.
As our premium members know we have been short from previous highs and will continue to be short until the trend changes.