BTC reached our next downside target, the SMA100 and cloud bottom added just last week [see: Nov 19 Update.]

BTC reached our next downside target, a 17.2% drop from our short call on Nov 8, reiterated on Nov 9 and 10. The cloud bottom and SMA100, currently at 53,160, is the next target/support.

Bitcoin, off 22% since recent highs, is now officially in a bear market.  As we discussed last week, there is substantial downside if this support doesn’t hold.

continued for members…

Though the dashed black line offers potential support, the more significant downside target is the SMA200 currently at 45,997. We’ll call it 46,000 since BTC seems to like round numbers lately. It represents another 15% below current levels for a total drop from Nov 10 of 33.3%This would be the midline of the rising yellow channel. The RSI chart shows that BTC is already on the cusp of a major breakdown – the black dashed line.GLTA