A massive sell-off in Bitcoin today caught some people by surprise. My goal is to present a specific criteria for trend change in this market. In my view, the break of $4236, which is a cluster of the pitchforktrendline and an important fibo-level would lead to more selling and confirm that the market is in a correction mode. Downside targets are drawn on the chart.
To illustrate my logic further, on a smaller-degree chart:
Trade closed: target reached:
Main target $3700 has been reached.
@bombman, some are claiming that this is fake news, either way the market didnt react positively to it which also shows just how jittery everyone is. It has confirmed my opinion to sit out of this market for a while.