At this moment price has reached -2 deviations from all major averages except the 253 or yearly average which is currently at -0.68 deviations based on the last pane of my chart. It would be at least natural for BTC to keep moving further down and find serious support at -1 deviations from the 253 average at which price would be $6,311.
If such level is broken BTC would easily travel down to -1.64 deviations at a price of $4,910 where the confidence for reversal seats at 90% .
My recommendations, if you want to play safe, would be to wait until price crosses above the 50 day average, currently at $8500 before entering a LONG position.
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