A lot of people are scared right now and think we are starting a bear market... I just have absolutely no idea where they get that from. The bull market structure is 100% intact. If bitcoin close under the 21 weekly MA and goes under 40k then I'll start to worry... But for now Bitcoin is at 57k & above the 21 weekly and 200 daily MAs. This correction form 70k to 50k is 100% legit, like the last one we had from 50k to 40k. My worst case scenario is a drop to a little bit under 50k for a short period of time (less than a week). If Bitcoin can get back above the white line things will look good and I think it's gonna be the end of this correction and the start of a move to new ATH.
Damn, it looks like we had a flash crash that touched 40k just now. How does that figure in this idea? Hopefully, that’s all the crashing we’ll see through the end of this year.
StephMoen
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this is one scenario, another scenario is BTC closed under 47 and then bing bumb...this is the worth scenario ;)