Not Yet, Wait A Little Longer...

We are seeing Bitcoin drop but the question is this, will it continue lower or bounce back up?

Very likely to continue lower.

First we have the huge rise in price from late 2020 to mid-2021...
This phase needs to be corrected and so far we have two floors.

Near the $20,000 price level and $11,000 - $14,000.

The RSI is trending down but there is room for it to go lower.
It has been worse in the past in March 2020 and December 2018.

We have 6 weeks of bearish action, never before seen.
Last time we had this type of negative momentum capitulation followed.

Capitulation can cut prices by 50%.
From $40,000 we can easily see ~$20K.

Even if we see short-term bounces the trend is still bearish and strong.

The last support is around mid $28,000... Below this level the low 20s comes for sure.

There is no doubt now...

The only question left to know is if we will have a relief rally first, consolidation or a flash crash before the bears reach their goal.

The bottom is not in.

Give it time, Wait A Little Longer...

Last week was pretty bad so wait for this or next weeks close.

Patience is very important right now so sit tight and be strong.

Namaste.