This is a simple line chart but it helps get the point across. Tons of people have gone all out FOMO on Bitcoin. They are probably going to get hurt pretty bad. Moving to the chart, you can see we lost that line that has been an important line dating back to 2011. Then take a look at the peach and purple colored lines. One (purple) is the weekly 200 exponential moving average. Notice how it worked as a floor in 2015 but is now acting as resistance and we are consolidating under it. Then look at the weekly 200 weighted moving average (peach line). Now look back at 2015 and you'll see it took us 10 months to regain that line the last time. So, from a technical perspective, Bitcoin is still very bearish. I wouldn't dismiss the idea of a retest on the weighted moving average at 4850 but this isn't the time to be loading up on Bitcoin.
@Smoak, this! I mean THIS! This chart is exactly what no one wants to hear, but everyone needs to be prepared for...and many out there are not prepared. Put me down in the "agree" column. I want to be bullish, but I know there is more down to come and soon. Thanks for this wake-up call post...and be glad there is no such thing as a dislike button on TradingView. :-)