Bitcoin Dumps!! What's Next?? 😱📉
Bitcoin was looking pretty bearish yesterday and completely fell off a cliff last night. We smashed through support in the 50K's, and reached as low as our support level at 41.9K, before equilibrating in the high 40K's. It does seem to be forming a bull wedge at 
48K, however, we are seeing a red triangle on the KRI, so exercise extreme caution if you're thinking of buying this dip. I did (obligatory disclaimer: this is not investment advice. quantguy is not an investment advisor, bla bla bla you know the drill), but I'm fully prepared to add more if it dumps further. If we do reject 48K, then we could test lows of the 40K handle again, which would be a bad sign, because the more we test the low 40K's, the more comfortable we are breaking down further into the 30K's again. If we are able to break out from our wedge pattern at 48K, then we should be able to reestablish the value area around 53K.
So how long will this bear market last? Again, this depends on what we do with 48K. If we can solidly break out from this level then we're good to go for the 53K's. If we dump further, we could see 30K's, in which case it could take a few weeks to trek back up to the 50K's. Unless our crypto lord and saviour Elon Musk (yes that is sarcasm) answers our prayers for another tweet.
48K, however, we are seeing a red triangle on the KRI, so exercise extreme caution if you're thinking of buying this dip. I did (obligatory disclaimer: this is not investment advice. quantguy is not an investment advisor, bla bla bla you know the drill), but I'm fully prepared to add more if it dumps further. If we do reject 48K, then we could test lows of the 40K handle again, which would be a bad sign, because the more we test the low 40K's, the more comfortable we are breaking down further into the 30K's again. If we are able to break out from our wedge pattern at 48K, then we should be able to reestablish the value area around 53K.So how long will this bear market last? Again, this depends on what we do with 48K. If we can solidly break out from this level then we're good to go for the 53K's. If we dump further, we could see 30K's, in which case it could take a few weeks to trek back up to the 50K's. Unless our crypto lord and saviour Elon Musk (yes that is sarcasm) answers our prayers for another tweet.
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