Hello Crypto Friends!

Thought i would do a quick analysis before we see the big move.....

So if we do a measured move, AB=CD. It lines up perfectly with our previous bottom at the 382 fib.

Which also lines up with the next fib Moving Average. So if we break the current support, i would expect a move down here.

Hopefully this would present some daily divergence on the RSI, and also if we keep an eye on the COT (see here) we hopefully see the institutions buying it up and closing their shorts.

This would be a double bottom and hopefully BTC can recover from there. Otherwise the next drop could be brutal. But cheap BTC on the other hand....

It will all depend i think on how the US Stock market opens today. Even with the interest rate drop and the fed injecting more QE. I think there will be a drop today, and a recovery tommorow.

Lets face it though, the depression is upon us. Untill the panic and fear dies off, BTC and precious metals will continue to fall. However i expect them to recover before the stock markets.

If the stock market opens on a good note, we could see BTC testing the low $6000's but it will probably be a dead cat bounce. Untill we see divergence on a daily basis, the downside is not over.

I will be keeping myself protected, hedged with shorts or options and i will be ready to buy the dip. Treat this as an opportunity and leave emotions aside.

Happy trading!