While I'm very bullish with Bitcoin on the mid and long term I think there's still room for one final move lower be set in.
I'd expect a short lived bounce at my first target before resuming the downtrend to target 2.
Any 4 hours candle closure below the prior low should precipitate bitcoin to it's second target.
Interesting enough and based on the BLX historical data chart dating all the way back from 2010, we see that by simply taking a fib retracement extension every time bitcoin has put in a weekly uptrend and reversal cycle, the .4236 has proven to act as the low of the next bear cycle (green horizontal lines).
According to this and if history does indeed repeat...
We are once again at the blue box liquid zone levels that has in the past years, each time violently pulled us down we attempted to make a close above it.
Will this be just just another fakeout or will bitcoin be able to close above suggesting a macro change of events and possibly new all time highs?
All this remain to be seen but keep in mind all this could be...