Man the "mainstream" amuses me. You would think Bitcoin sold off 50% over the last week.
Don't me wrong, a 15 to 20 percent drop off from the all time highs is nothing to sneeze at but when I look at the chart, it just doesn't even feel like a sell off.
I mean, we haven't even reach the last area where price was consolidating.
Looking at the chart you can see the highlighted level I marked, This is around the 48K price point.
That is where we saw price consolidation before pushing to the new all time highs. Thus, that is where I keep my eye on as a potential support.
Below that is the already established support of 44,800.
Until we visit the 48K area there is no reason to change my point of view. Price action is still bullish on the longer-term.
We update our outlook as needed based on price action. So, let's see where we are in a week and if adjustments are needed.
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