No telling how far this will go if it happens but I believe the high 4ks to be the next support. I say we follow the channel shown for a bit before we completely shake out bulls, that bearish formation could lead to a capitulation drop once the bottom channel support is broken which could be met by a strong bullish counter reaction. this space is full of speculators and speculators will sell. Sentiment is fear rn the range we have formed from the last drop is a bearish pattern and it looks to break down soon, Ether and other alts dropping heavily setting the scene for bitcoin to follow soon, super risky and I dont recommend to short I recommend to stay out and long in oversold territory with the expectation of holding long term, if you can handle heavy risk buy the capitulation but if you want a solid trade than wait and be patient. watch the BTCUSDSHORTS for a huge spike in short positions, its already high but it will go higher. This flash crash will be fun. the drawing on the chart is just conjecture dont take it literal.
Comment:
I believe we will break the low but the purpose of this post is to make sure those who go long don't panic if we see a break of the low and capitulation. Just think longer term if your trading long.
