Bitcoin Short Term Play

BTC has tested setup trendline support on the 4 hour at 7550 many times now and a lot of longs have been opened around that area. I don't think the area will hold if we go back down there, every time support gets hit it gets weaker. I expect us to breakdown soon.

Furthermore, I am not sure if the breakdown will be a quick drop to 7100-7300 area just to liquidate the longs from there which I think is the most likely scenario or if we will continue down over the next few weeks.

If you take this trade make sure you have stops in place because there is still a small chance we could pop up out of this area.