Bitcoin Dump

Bitcoin dumped last night as the hourly timeframe reached oversold conditions and we lost the exponential 12 period moving average support on the daily time frame. We are still waiting patiently for this daily higher low to be set and then a break of this tightening pattern later in the week. We will be watching for a spike in bull volume for a clue that our daily higher low is set. A break of this daily equilibrium pattern will likely be a good trade opportunity, whether it be buying in on a bull break with high volume, or playing an oversold bounce on a bear break. Until then we are only looking for quick flips.