Bitcoin Dumps!! What's Next?? 😱📉

Bitcoin was looking pretty bearish yesterday and completely fell off a cliff last night. We smashed through support in the $50K's, and reached as low as our support level at $41.9K, before equilibrating in the high $40K's. It does seem to be forming a bull wedge at $48K, however, we are seeing a red triangle on the KRI, so exercise extreme caution if you're thinking of buying this dip. I did (obligatory disclaimer: this is not investment advice. @quantguy is not an investment advisor, bla bla bla you know the drill), but I'm fully prepared to add more if it dumps further. If we do reject $48K, then we could test lows of the $40K handle again, which would be a bad sign, because the more we test the low $40K's, the more comfortable we are breaking down further into the $30K's again. If we are able to break out from our wedge pattern at $48K, then we should be able to reestablish the value area around $53K.

So how long will this bear market last? Again, this depends on what we do with $48K. If we can solidly break out from this level then we're good to go for the $53K's. If we dump further, we could see $30K's, in which case it could take a few weeks to trek back up to the $50K's. Unless our crypto lord and saviour Elon Musk (yes that is sarcasm) answers our prayers for another tweet.