BITCOIN AT DECSION POINT. potential extended bearish period

BITCOIN AT DECSION POINT. potential extended bearish period

If scenario #1 fails, we will most likely get #4 or #5. This is an unbiased technical analysis. I got 11.3k and 9.2k fib levels correctly.
Remember this only happens if 11.3k and 9.2k support does not hold.

Comentarios:

IF Bitcoin can not hold 11.3k it will retest 9.2k and IF that does not hold. We will most likely get scenario #4. ie. bitcoin can go as low as 6.6k. 6.6k needs to hold, if that doesnt, expect 100% retracement down to 3k. Like i said i sold all my bitcoins at 16-18k. I am not forecasting a drop, i am giving you the conditions for a drop. If we do drop below 9.2k, the bottom might be around mid march and might range for months. (If 6.6k is reached) The reason for this extended drawdown period is, any market that drops too fast and too much, investor lose confidence in the market. This happened when bitcoin dropped 85% in 2014. The recovery period was 2 years. As for ETH it will drop with btc but it will recover faster each time and eventually replace bitcoin for the #1 spot in terms of marketcap. I have some ETH holdings left, so my portfolio will suffer as well.