Price is moving faster than expected, therefore now eyeing up the $15.5-16K levels (-18-20%) as support, now price is capitulating. This is the current localish VPVR point of control, 200 MA on the 4hr, as well as 0.619 fib retracement from the $10K break-out to $19.5K high.
It's time to start buying the dip again, but without trying to catch the falling knife at $18K or $17K...
Shucks, only 18-20%?! And here I thought we might be having a
real Bitcoin correction!
The dump looks possibly impulsive to me. I think we can push deeper than that, possibly getting the 30-40% dip I've been concerned about. As long as price is failing to recover and hold above the $18K area, I'm inclined to think distribution will continue. If bulls can however hold above that horizontal resistance and the 0.618 level, I would reassess.