Is It Correction or Ending Trend?

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Today is one of the darkest day of Bitcoin. The price fell more than 20 percent for a day. Is such a big drop a correction or the end of the trend?

Here is a weekly chart why I say it is dangerous level of RSI. It is over end of 2017 pump. I was waiting for correction or ending trend but I came late! The late arrival of the expected decline made the decline bigger.

Ekran Resmi 20210111 20.34.00.png

Here is the trend line coming from 20K. The trend line has served as support for the time being. Fibonacci levels and support lines can be followed.

If the descending peaks, consolidation may occur in the long run.

Ekran Resmi 20210111 20.36.44.png

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There are some people who are holding BTC just to try to make quick money. Those people are profit taking right now and they also get scared really easily so if BTC dips they also start selling which causes it to dip more which causes others to sell and it feeds on itself. There is also algorithm trading that is designed to detect fast drops and autosell.

Expect a ton of volatility on BTC until we know what inflation looks like. I would say also to look at the price of gold. If you see gold and BTC moving in different directions for long stretches then it means people are rotating in and out.

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I guess even 40% drop is still legit for a bull market. 2017 had about seven such drops ranging from 20% to 40%. It's not like it was supposed to moon in one shot.

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