So Bitcoin a few weeks ago dropped over 50% from the current all time high of 65k.
The market has been awash with mania and hype and doesn't seem to want to admit we've seen a blow off top.
In pervious market cycles once the blow off top has come in, we normally see drops of at least 75%.
Perhaps we are doing a similar thing to the last hype cycle in 2017/18 and we'll now chop sideways between the upper 20ks and upper 30ks... If this support breaks it seems likely judging by the last cycles we'll drop another 50%+ and find our weekly long term support around 9k-14k.
I'm slowly shorting between the range of 37k-39.4k.
If 39.4k breaks the price may push higher to the low 40k's or mid 40k's.
The market has been awash with mania and hype and doesn't seem to want to admit we've seen a blow off top.
In pervious market cycles once the blow off top has come in, we normally see drops of at least 75%.
Perhaps we are doing a similar thing to the last hype cycle in 2017/18 and we'll now chop sideways between the upper 20ks and upper 30ks... If this support breaks it seems likely judging by the last cycles we'll drop another 50%+ and find our weekly long term support around 9k-14k.
I'm slowly shorting between the range of 37k-39.4k.
If 39.4k breaks the price may push higher to the low 40k's or mid 40k's.