The time to act..

is fast running out.

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It might not feel like it but the black Friday BTC sales will soon be over..

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Long term support channel broken on the daily chart. Next support line now at $3k... will wait until confirmation on the 3-day chart. BTC now very oversold. Good opportunity to dollar cost average in.

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Keeping an eye on this one, currently we're 75% correction from ATH (assuming $19.2k). In 2014 we stretched to a 85% correction, which would take us to $3k. At the moment we're holding long term trend on the daily support, will be interesting to see if support continues.

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Still holding the long term trend on the daily chart. There's a lot of folks saying the long terms trend is broken on the weekly charts, but I don't see the point in measuring the moves of the past few days until a full week is past. Yes, could still crash down to $3k, however if we're above trend at the end of the week, then we're cool.

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Another note of interest, look at the RSI! Never has there been so many sellers in Bitcoins history - who is selling and who is buying?! Could be the Bitcoin Cash wars, which is a good thing at the end of the day, don't want such individuals holding such large quantities of Bitcoin.

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The long term trend line is broken. Let me say that again, a trend line that Bitcoin has been creating since the get go is no longer. That is incredible. $3k is the inevitable next stop representing a 90% correction. There's little to no reason why it should stop there as per previous correction since the long term trend line has now been broken. As before Stochastic & RSI charts now show oversold stronger than at any other point in the history of the project.

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Will the 200 week moving average save us from further despair?

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The 200 week MA may hold at $2800 but that does not mean the 3-day MA will not dip down to $1200.

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Bitcoin re-charging. One more visit to $3.2k area before something special?

Happy holidays everyone.

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Higher highs now being replaced with lower highs. Correction surely now due.