BitcoinShort
Dont get excited when BTC rallies. It will be temporary
Updated
Long term support for BTC at about 6K has been obliterated.
As is common when this happens, there will be retracements against the trend.
It is easy for newer traders to get sucked into the move thinking a trend reversal is happening.
Be very careful here... when long term support is taken out so savagely, it is very rare that the last pivot high (6.5K in this case) is taken out quickly.
Watch for BTC to do a .382 retracement (as measured from the last pivot high of 6.5K).... this puts BTC at 4.6K and will get people excited about BTC 'rebounding' to over 4K.
But the probability is that this retracement will only act as the launching point for the next move down that will take BTC to the 2K range.
As is common when this happens, there will be retracements against the trend.
It is easy for newer traders to get sucked into the move thinking a trend reversal is happening.
Be very careful here... when long term support is taken out so savagely, it is very rare that the last pivot high (6.5K in this case) is taken out quickly.
Watch for BTC to do a .382 retracement (as measured from the last pivot high of 6.5K).... this puts BTC at 4.6K and will get people excited about BTC 'rebounding' to over 4K.
But the probability is that this retracement will only act as the launching point for the next move down that will take BTC to the 2K range.
Note
BTC is much weaker than I anticipated. It has not even been able to muster a 0.382 retracement.When it has an appropriate retracement against the impulse down, this will just be a temporary move.... BTC will likely extend off of the 0.382 retracement to new lows.... likely in the low 1,000's. We will know more when the retracement occurs, but for now, dont even think that BTC is anywhere near a bottom..
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