Hey guys, here’s a Bitcoin update. So looking at the 30min Bitcoin chart, you will see I drew a lot and unfortunately, I drew more bears than bulls. Looking at Bitcoin’s current position I see that my previous falling wedge idea is still valid, but in keeping it real I still outlined another possible bear flag in the making. This bounce off support will be most telling. Will Bitcoin have a strong bounce out of this falling wedge and move on to the next resistance area in bright green around $9,500? Or will it have another weak bounce setting up another bear flag and a possible completion of a head and shoulders pattern if support does not hold at $8300? Unfortunately in Bitcoin land, we don’t have politicians like Betsy DeVos in favor of shooting bears on site. Hell if this were the case, bears would be extinct and Bitcoin would be the biggest bull known to man. But, in reality, market sentiment is very bearish at the moment. As such, when I am uncertain as to which way the market will go, I tend to side in favor of market sentiment. If this were the case, a fall through support would also be a fall through the neck line of a head and shoulders pattern. A breach of this support would be extremely bad for BTC and I feel it would indicate a possible retest of the $6,000 area, maybe lower. The safest place to be would probably be on the sidelines, until you know the direction Bitcoin has chosen. Until then, keep an eye on that green support line and if broken the $8300 level.