Madman Says…
Bitcoin is basically heading towards a breakdown. Below 80,000 can be used for a wave, with a rebound lasting 1-2 weeks, but the height won’t be too high, probably around 6-10%. If the price drops to 77,000-78,000, the rebound will be roughly the same as the current price, so we just have to endure. Today’s volume, based on the daily chart, probably won’t exceed that of November 21. Therefore, the probability of breaking a new low and dropping straight down is not high (this is the logic for a wave rebound). After the rebound, it’s very likely to continue downward to find a bottom. It’s still too early to tell; we need to observe the strength of the bottom-fishing funds. If they remain as weak as now, then it’s probably not the final bottom.
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