It only took 19 hours for bitcoin to shave 17% of its value, with a magnificent stop-hunt claiming liquidations for about 1.5 Billion.
The retracement was deep enough to reach the last line of defense around 786 Fib level. Currently under the bearish territory, looking for buy entries above 54k handle, time to wait and see. Although the crypto market remains in clear bullish momentum, we could not forget 2018 and the bitcoin correction of about 80%. After printing ATH around 19.8K, it dropped to 3.2K, taking the beast to its knees.Please remember that the market loves its past, and it tends to repeat. However, 15-17% correction could happen, given a break to the exhausted bulls to rest, regroup and regain control. In just words from a textbook, it might say, a healthy market correction was needed.
Technically speaking, besides the testing of the Fib level 786, technical indicators such as RSI and MACD showed overextended conditions and solid bearish divergence signaling the bear's temporary control of the board. The chart is from the intraday realm at H1 candles, MACD about to cross for buying opportunities, and RSI getting a rejection from the oversold zone to support the uptrend bias.