BTC UPDATE YOU CAN FOLOW

BTC Update

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Bears are still much too strong, there has been a channel formed where we dropped out of yesterday, since then the bulls are trying to get back in. Bulls are trying to break this resistance. If they manage to do this, there should be room for more recovery to the upside of this channel. If miraculously they manage to break the higher resistance line as well, only then can we think of Bullish movements again.
So far, the neckline has been broken of that big head & shoulders. Bulls have not been able to test the neckline again, so only weakness so far. Some bears just keep pushing the price down.
So at the moment the 6880 is being defended, below that -
the 6800/6700 is a clear support and the 6300/6500 levels as well. If we drop below this support, things could get very tricky, don't think the 6100/5800 will be able to hold as support. So the V shape low could be in play, since the current drop has the characteristics of a big panic low already

What we have been told is, that the drama with the Okex exchange was known to some people around Tuesday. So is it a coincidence the whole dump started from that day? Don't think so, but who knows :). Just think about Bitmex making a record volume at the high at 8500 and we have been dumping since, doesn't make any sense. It should have never happened this fast. Again good luck guys and trade safe.

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