The Bitcoin Danger Zone

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I've been waiting to post for something to actually happen and it has. Bitcoin has finally consolidated its way down to the major Daily Support of 611 but I am *NOT* a buyer here. This level, while strong on the Daily, is not backed up by anything on the higher timeframes and all the lower timeframe are trending decidedly bearish. It's still a falling knife at this point.

Now that we are here though price is beginning to shape itself into a story of what is to come. Should we break below this support price is not yet a high probability bearish play unless we get into the "Danger Zone" I've drawn. This zone represents the passage of time and passing of lows in such a way as to tip the market over into a new Daily bearish trend. Such a trend, if gets into this new price zone around mid-August, would probably break the Daily low of 555 set back on the 6/23 dip.

Bitcoin is still in a long term Weekly bullish trend which means the resistance to beat is 672 if the trend of the year is to continue to the upside. Until either one of these criteria happen I would not be looking at long positions.