Bitcoin Correction Here! Traders Rejoice!

Bitcoin Correction Here! Traders Rejoice!

Today is the day that I’ve been waiting for for a long time. BTC is sooo overbought and hasn’t taken a rest forever. Finally we are going to get a nice foothold to support better chart structure on the way up. This move down will reset investors that have been nervous about bitcoin getting toppy and give us a line in the sand that we can point to as a solid point of support. Nothing fundamentally has changed about bitcoin. Governments are printing a ton of money and institutions are buying for the long term. If we seriously correct, my instinct is that we reach new all time highs within a month. Technically, the charts have no support until $24,000 or so. The real support is $20,000 but I don’t think that corporations will let us get there. I’m enjoying the show today and have no plan to make a trade on this move. Best of luck in everyone’s trading!

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