Even amid the recent price action drama, all bitcoin has done so far is to test 10 EMA on the weekly. There is no RSI divergence to call this a break down. It feels crazy because of the price range that BTC operates in. The pullback does not look like quite over just yet. Question is, if the bottom of the last wick will hold or not. Weekly close below 10 EMA will increase probability of testing weekly 21 EMA. As long as price is contained within the chanel, the bull run move from 3800 low is still intact. My speculation would be some more sideways to down action for a week or two more to get enough time for a resumption of upward momentum to new all time highs. Untill RSI divergences are prominent in daily or weekly timeframes, these face melting drops are renewed opportunities to get back on the bus. Risk management is key. Weekly close above 35k will make a stroger case for the end of correction. Otherwise, I will wait for a 4 hour higher low and higher high to form to signal an end of the micro down trend. I will start sweating if 20k breaks down at this point. Until then, hodling and watching charts to buy more.
