Here is why the 4,400 case can be made for BTC. The Fibonacci level at BLUE and the LONG TERM TREND LINE are way way down there...
I put the little red lines a stopping points along the way. We should bounce at one of these and not 4,400
I am bullish long term and a buyer at lower levels!!!!
ALL THIS SAID I DO NOT THINK WE ARE GOING ALL THE WAY DOWN!!!
7,700 is my first target. And soon. Only from there will we get a little clearer picture. I posted this because I have a trendline from last summer on my other BTC post on the UGLY PATTERNS post. My thoughts are there so read that one.