Where Bitcoin Goes Next, Possibility 1: Fake Out

Princess Gwen here, looking into the cloudy crystal ball at the recent Bitcoin action. This princess is dubious about whether the recent drop portends further doom, or was just a tumble to a market bottom.

So here's case 1, This is As Bad As It Gets. Here, Bitcoin is Oversold, and is showing a very nice beginning of a V formation. That arc downward, with a hard stop around $4700 and a rebound, means this could be the actual market bottom. It could hop like a bunny upward from here.

That's boring, and everyone reading this kind of wants to see blood at this point. Shorting Bitcoin through the drop was more fun than a royal polo match. So, I'll do another analysis, with Option 2: There Will Be Blood.