Has now wiped out all gains made in Dec with 100% retracement. My initial sell at $9500 USD seems to be the correct analysis. The chase to $20,000 Usd was pure Euphoria and Thrill part of the emotional cycle. A lot of people got their fingers burnt in Dec. The reality is that BTC
has Parabolic gains from Sep to Dec from $2000 USD to $20,000 USD. I believe now that my initial analysis in Dec is correct. $10,000 USD was the reality peak of the cycle and then a sell back to $7500 was imminent. Looking at the charts we can see that we have fallen through all trend lines
and major support/resistance
levels. The next important level for support and resistance
is the $8700 USD mark.A fall through of support here will see us testing the next fib line at $8200. I personally feel we will re test $7500 USD.
Support from bulls is urgently required now to stop the bleed down to $7500 which i feel is a fair correction from the monumental expansion that happened.
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