BTC at decision point: Either $7,300 or $12,000 in near future
After yesterday's sharp decline, BTC is now re-testing the LT bear trend starting back in Dec (crazy how that is "long term").
If this was a re-correction towards the trend, I think we'll continue to correct until about $7,300, at which point we should be "done" correcting. To drop any further than that would be SUPER bearish imo.
On the other hand, if yesterday's drop was merely a correction to the more recent upswing trend line, we could be looking at $12,000 in the very near future (see upward arrow), which would be a very positive sign. If that's your position, than BTC is currently looking about 20% off.
We'll see how the early hours ago, and which direction the needle wants to move. Either way, we're prepared.
If this was a re-correction towards the trend, I think we'll continue to correct until about $7,300, at which point we should be "done" correcting. To drop any further than that would be SUPER bearish imo.
On the other hand, if yesterday's drop was merely a correction to the more recent upswing trend line, we could be looking at $12,000 in the very near future (see upward arrow), which would be a very positive sign. If that's your position, than BTC is currently looking about 20% off.
We'll see how the early hours ago, and which direction the needle wants to move. Either way, we're prepared.