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Bitcoin has failed to maintain close's above the 11,800 long term swing point. This now puts the market on the defensive and as long as they continue to close below it, the target is 38.2% back of the current move at 9300. Getting back to this level would still keep the longer term trend positive, taking it out would turn the longer term trend negative and give us a new set of downside targets. Any break from the 11,800 area that only goes back to 23.6% of the move at 10,450 keeps this market very positive and once they can get a few solid closes back above 11,800 the long term target is 16,300.

The two charts below also have the major Gann squares on the Daily chart and secondary Gann squares on the hourly chart, these are static and can be used as both support and resistance. They are marked by the yellow horizontal lines.

Bitcoin Daily
Bitcoin Hourly