Earlier today I posted my idea that BTC/USD was at at key pivot point . We've seen a dramatic drop since then, blowing through the past resistance level of 14450, and are now heading towards the 13000 level. This is a key support level , on both a technical and fundamental (read that as "people think it matters") level. If this is also blown through, we are headed towards the 11,800 level, which should provide a strong support.
Short term - be in a short position, and be ready to switch to a long if we hit around 12k.
The ~ 1300 level has held as support, and we are now in a recovery - long for the next few hours, and lets see if we can break through the 144500 level, which has, for the past few days, been a major support/resistance level.