Update on Bitcoin: Nov 19, 2021

BTC reached our next downside target, a 17.2% 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.

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