![bitcoin.png](https://steemitimages.com/DQmVMGqsvihsvnog2RxfeunZyiTv9MerKdu35rYJ7e8gQSg/bitcoin.png)

Yesterday we were hoping to see a bounce to begin wave 3. Instead we got a temporary sell off by those wanting to lock in profits. When wave 2 drops below the start of wave 1, we can officially label it a failure. There's strong support between $7,920 and $7,860. I expect Bitcoin to consolidate on top of this support for a time before deciding if it will begin another uptrend.

![Screen Shot 2018-04-16 at 11.23.23 AM.png](https://steemitimages.com/DQmU1xwxHZyMp7tjDeU3H1D4Ua48hRVYFHAZ4aCR513KzvM/Screen%20Shot%202018-04-16%20at%2011.23.23%20AM.png)

Looking at the 4 hour RSI, we can see a strong ascending support line has formed. I've pointed this out for a few days now. Bitcoin looks to be preparing to test that support. If it holds, I fulling expect the uptrend to resume. If it fails to hold, and bitcoin goes below that support line, expect it to drop down between $7,400-$7,500. 

![Screen Shot 2018-04-16 at 8.49.40 AM.jpg](https://steemitimages.com/DQmfWg2vKVod9TG8fBYngDWC4vDHTn2tDisSEARA6Ug49qr/Screen%20Shot%202018-04-16%20at%208.49.40%20AM.jpg)

I've continued to keep you updated on the descending triangle pattern on the LOG scale chart. For now, not much has changed. I continue to hold the belief that bitcoin must breakout on top of this descending triangle if an uptrend is to remain sustainable. 

![Screen Shot 2018-04-16 at 11.32.01 AM.jpg](https://steemitimages.com/DQmX3X8HyGBug5tCw36fFHLw6nc68YGyAKdUCkWAjYCUfTw/Screen%20Shot%202018-04-16%20at%2011.32.01%20AM.jpg)

**Bias:**
I'm completely neutral in the short term, but remain very bullish long term.

On a personal note: Please take 2 seconds and **upvote this post** if you feel I deserve it. Thanks guys!

![DQmXB9aF8ZeQAEgsHbLu8ZiHCrPTrujQp3YMHZykKGiBoyx_1680x8400.png](https://steemitimages.com/DQmeVCv1Rz2YZ5w6QCgJhb2Cvrm5E9R2RB5xnVv36cE92pU/DQmXB9aF8ZeQAEgsHbLu8ZiHCrPTrujQp3YMHZykKGiBoyx_1680x8400.png)

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*Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research and invest responsibly.* 

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