I have stated in my previous posts that if bitcoin
drops below 12500, that 11k would be the next target. but now we have the question to ask ourselves, will it keep going lower from this point on? This is a hard question, and one that there is no certain answer too. However, If we open the log chart. We can see that this is a strong support area
to continue it's upward trend. It can be supported by the blue 100 day line MA as-well. As we have seen in the past, bitcoin
has bounced back up from this point before. Should we bet against bitcoin
at a such a strong reversal? I think not! It is very scary to be putting money at this point in time, but if you believe in the technology, bitcoin
will continue it's rise until it's massively massively adopted, and this is just a small setback for the time being.