After ten days of extremely downward pressure we almost find ourselves out of the woods. The question we have to ask ourselves is:
What's first? $7000 or $9000?
Given the time of year and recent price action, I'm definitely leaning toward $9000. Of course if bitcoin breaks below support I'll be changing my tune real fast. I just don't believe that has a very good chance of happening.
I expect support to hold at $7800.
Bitcoin will be forced to breakout within the next 24 hours.
I expect to climb back up to $9000 over the next week or two.