Bitcoin meets a psychological support at the 4000 round number in severely oversold conditions. 2500 pips on 1 trade is more than enough & although I see no buy signal it would be wise to take profit & wait for the next signal. We have been selling in to any strength all year & made huge profit in the bear trend, which I predicted as far back as January. There is no question we could drop as far as a measured target of 2000/1500 but it is unlikely to be in a straight line.
1st target 4280, 1st resistance at 4420/40 then strong resistance at 4630/60 could see a high for the day. Shorts need stops above 4800. A break higher targets 4850 then a selling opportunity at 5000/5100, with stops above 5200.
A break below 4000 targets 3800 & 3600/3500.
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