Bitcoin is currently forming a rising wedge pattern on the daily and four hour chart. This is also moving up into an area of resistance at the 7700-7900 area. I am also seeing declining volume on the move up as well as the stochastic indicator on the daily moving into the overbought area. This indicates to me that the current move is nearing its exhaustion point and I think the 7700-7900 area is a well defined area to start looking for shorts. If you are long it may be time to start booking profits. On a breakdown I am targeting the 5800 area as a significant area of support should we get there. The 5800 area would be my target for a short from the 7700-7900 range.