updated: Nov 19, 2021

BTC reached our next downside target, a 17% drop from our short call on Nov 8, reiterated on Nov 9 and 10.

Last, BTC is getting a very nice bounce this morning, perhaps on the notion that Elon’s $20 billion in TSLA sales might land in crypto. In any case, this is a very important juncture for BTC. I expect it to fail and revert to the cloud and dotted blue channel line at 55,700ish.

BTC has substantial downside risk if this support doesn’t hold.

continued for members

The cloud bottom and SMA100 at 53,160 is the next support. If the cloud can’t hold, then we’re all the way back to the SMA200 and channel midline at 45,971.

RSI supports the idea that a breakdown could be substantial.