Oh no time to panic sell. Or is it? Had this support zone drawn out for a long-time now, roughly $47-51K. Good volume support & where the 21 & 50 Week MAs lie:
Price remains within this support zone. Notice a pattern where price has previously found support from these long-term moving averages?
Even on the Daily chart price immediately found support the 200 Day MA around $46.2K. This is total BTFD territory imo, so that's what I've done.
Sure the bull market could be over, I won't rule that out but will continue to doubt it until I see any evidence of such an idea. A correction to support is
completely normal in a bull market. But bare in mind if it were the end of UP, we'd almost certainly see a reaction rally back to $50-55K and rejection from there before further downside imo.... not a continued sell-off. On shorter time-frames, such as a the 4hr, price remains completely oversold after reaching RSI level of 16, so a short-term recovery seems imminent. Already the candle has a wick as long as it's body, so the day can easily end as a bullish candle (longer wick than body) even with some overall % downside. Also I imagine the Weekly candle could close above the 21 Week MA around $51K without much effort, now it's holding the 50 Week MA without much effort.
. Buy As much as you can afford.
