BTC Short Areas 3950-4050, stop loss 4200
We made a hard rejection from the strong resistance line from november 13th where we had our first capitulation wave when we broke 5.8k support and hit 3.4k in less then 2 weeks. This strong bearish move demonstrates lack of investor confidence and also leads me to believe that more bearish downside is possible.Also using a period of RSI length 2, we were overbought and saw these 2 spinning top candlesticks indicating trend indecision. If there is a bounce, we can see a move up further to 4.4-4.8k area, but at this point looking at the strong rejection its not likely. My targets are 2.6-3.3k area within 1-2 weeks. If you think 2.5-3.3k is too bearish, remember that a few weeks ago predictions of even 4-5k were considered too bearish, look where we are now. I was predicting 4-5k some time in February, but this dump has been a lot faster and more downside then expected, so I think we need to realize this bear market could be a lot longer and a lot lower price then we expect.
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