Bitcoin meets a psychological support at the 4000 round number in severely oversold conditions. 2500 pips on 1 trade is more than enough and although I see no buy signal it would be wise to take profit and wait for the next signal. We have been selling in to any strength all year and 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. (WE TOPPED EXACTLY YESTERDAY and SHORTS WERE OFFERED 300 PIPS ON THE DIP TO 4435). Shorts need stops above 4800 today. A break higher targets 4850 then a selling opportunity at 5000/5100, with stops above 5200.
A break below 4000 targets 3800 and 3600/3500.