Obviously, this fall hasn't been as dramatic, merely 25% in 6 days, but there're other similarities:
- Last time, after 6 red candles, we bounced at 50D MA; this time, it was 200D, after three days flirting with it. This makes it look like a technical bounce instead of real demand.
- We had confirmed three days ago (neckline 9.6k) that hasn't been broken & target not reached.
- We're still below 50D MA.
- Still below long-term (should be a resistance now).
- Of course that .
- The overall is still low & on the we aren't really oversold.
For these reasons, I don't think bitcoin will go above 10k. Instead, 7.5k, 6k, & 3.5k are three targets I think more likely to play out.
Having said all that, this is a funny market more than bitcoin is funny money. Maybe it's the beginning of an extremely rally to 100k.
will crash to 6k at least
perhaps by sunday we'll see 6k