Princess Gwen here, looking into the cloudy crystal ball at the recent Bitcoin action. This princess is dubious about whether the recent drop portends further doom, or was just a tumble to a market bottom.
So here's case 1, This is As Bad As It Gets. Here, Bitcoin is Oversold, and is showing a very nice beginning of a V formation. That arc downward, with a hard stop around $4700 and a rebound, means this could be the actual market bottom. It could hop like a bunny upward from here.
That's boring, and everyone reading this kind of wants to see blood at this point. Shorting Bitcoin through the drop was more fun than a royal polo match. So, I'll do another analysis, with Option 2: There Will Be Blood.
So here's case 1, This is As Bad As It Gets. Here, Bitcoin is Oversold, and is showing a very nice beginning of a V formation. That arc downward, with a hard stop around $4700 and a rebound, means this could be the actual market bottom. It could hop like a bunny upward from here.
That's boring, and everyone reading this kind of wants to see blood at this point. Shorting Bitcoin through the drop was more fun than a royal polo match. So, I'll do another analysis, with Option 2: There Will Be Blood.