The oversold level was reached, and the price of BTC briefly fell below 64k...
The current 4-hour chart is extremely crucial because since March 12, 2020, BTC has never fallen below the oversold line on the ASR-4-hour channel...
If there's no rebound after closing here, then today's downward momentum will be close to the 3-12 level...
I long at All In , and when I woke up in the morning, I was only $300 away from liquidation. In a panic, I closed my position, thinking that BTC was really going to go to zero...
It was only later that I realized that was the cheapest Bitcoin would be in the next 10 years...
So if BTC doesn't rebound from its current low, I'd actually be happier, because breaking below the oversold level would be an epic sell-off for the bulls, and the price could potentially drop to 55k in one fell swoop...
If the market chooses to close lower and rebound here, then although we can catch our breath in the short term and fluctuate for a month, the real bottom may still be a very, very long way off...
Logically, I tend to think the price will bottom out around 63k-64k, but emotionally, I hope for a new 3-12 crash soon!
From then on, this day was called the February 6 Incident!
twitter.com/CryptoPainter/stat...
