Failure of the butterfly could lead to capitulation. Bitcoin / U.S. dollarBITSTAMP:BTCUSDholeyprofitI've not really seen all the things I'd expect from the rallies out of the low to signal a bigger reversal. We are on good support levels. The odds of a bounce from this area I'd consider really strong but if we see this level failing with only a shallow bounce then this can continue to sell hard. Personally, I think BTC will tend to move similarly to SPX. SPX is also on major support with an implied big drop is it breaks (And epic rally if it holds). In the event of a break in SPX I think this would support a waterfall event in BTC. Really sketchy stuff if we go through the low I think. Hit trailing stops on all my crypto longs.