Okay Bitcoin, is it going to be 4200 or 5200? Part 5

Damn, this market was very eager to drop again it seems. What a dump again, thinking we could have some slow movement coming days during the holidays! Yeah right, wishful thinking. Anyway, i was waiting for this drop to happen eventually, but i was not expecting a dump like this. Not with this speed i mean. This could change things a bit, but correction are usually fast and violent. Just several dumps in a row today.
For now it would be ideal to find support in this 3800 zone, but i don't think it's likely it will hold and we will probably test a lower support. This is because the drops today have been so violent, it won't be easy to recover from this. So ideally we find support in this area for at least a day. Making some bounces up and down to see if there is enough support around here. So i think the current green support might break, but i want to see the other one around 3700 hold. I do not want to see it drop below that level. Because than the whole inverse H&S story because very unlikely!

The long term version with support around 3400/3600 would still be in play, but that would mean the fast rally to 5K levels within a week or 2 is prob off the table. We could be seeing a completely different movement for the coming months even. The whole market was in V shape mode, but if we drop too much, that momentum will be completely gone. For the long term it would be better though, to see several tests of the 3400/3600 within a month or more, to show the market that we have a solid low where buyers step in all the time. This is how big support zones are determined.

Alts took big hits as well today, some dropped more than they should even, but still above the important support levels. Like ETH' we have that level around 120 and XRP' around 0.36. We want alts to stay above the same zone as the 3650/3750 zone of Bitcoin'. Now if Bitcoin' finds support in one of these support zones, we want to see alts make good bounces up again during the moves up of Bitcoin. Rather not see them follow Bitcoin' to the point but being at lest slightly more bullish.

So short term, ideally we bounce up towards the 3900/3880 and then make one more dump towards the 3730/3700 and see a good bounce from that level. Rather see this proces take at least 12 hours or so. When that has happened, we want to see a slow proces of higher lows, a bit similar like we had a around the 3800 zone.


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To give you an idea, movement like this the coming day or 2 would be ideal. We need to see some bounces and testing of support in this area

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Important level at the moment, if it can brake the 3820ish, we could see a move to 3900+. Which is important IMO, to see there are still buyers around these levels. We need to form a decent support in this zone.

Now if we go up, even to like 4000, we will very likely make another drop to test the lows again.

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