If it is as it appears, we had a mini bubble with a blow off top. Why is this unlike the previous dips? Simple. We made a lower high on high volume. Since then we are making lower highs and lower lows.
To analyze how low BTC will drop we must think "What price can cause maximum pain while keeping the chart overall bullish?".
Since we blew past 6k like an eight ball at a strip club most people will think that we will find some support at that level. I disagree. I believe we will go lower to shake out as many people as possible while making a higher low the macro trend . We will likely start hearing the "hyperwave" nonsense and how we are going to $1800 again. PEOPLE WILL BE SCARED.
Ultimately I believe we will find support at the 200 Week SMA between $4000 and $5000. Until we get this party started again.
If you zoom out on my chart and look at the green arrows, you can see how this predicted price action would look similar to the previous cycle.
What do you think will happen??? Dump or Pump. I WOULD LOVE TO HEAR FROM YOU IN THE COMMENTS. Even if you are a piece of crap.