BitcoinShort
How low can bitcoin go?
Looking at bitcoin technically with fib retracement, bitcoin began its most recent correction when it broke down from the 15k support chamber. After some panic selling broke it down through the 12k resistance it broke back up to test 15k once more. After its 15k rejection and retest of 12k there still seems to be solid pressure downwards from where it currently sits around $13,900.
Normal correction patterns for bitcoin are record setting highs followed by 50%-80% loss in value before climbing back up to new all time highs. With these facts in mind for the moment it seems this most recent dip is not yet over. I would not even consider buying until we bounce from either the 10k fib chamber, or the 7.5k one. Be careful not to fall for bull traps along the way and FOMO yourself into a loss of 20% or more of your stack. Even if bitcoin plans to set new all time highs after this correction, it will need to go lower than it is now before it can do so.
Normal correction patterns for bitcoin are record setting highs followed by 50%-80% loss in value before climbing back up to new all time highs. With these facts in mind for the moment it seems this most recent dip is not yet over. I would not even consider buying until we bounce from either the 10k fib chamber, or the 7.5k one. Be careful not to fall for bull traps along the way and FOMO yourself into a loss of 20% or more of your stack. Even if bitcoin plans to set new all time highs after this correction, it will need to go lower than it is now before it can do so.
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