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If Bitcoin doesn’t hold $28400 then expect another 25% drop!

Since hitting an intraday low of $28797 today, Bitcoin has staged an impressive rally and is currently trading well above $30k. Since its top at $42k, Bitcoin has traced out a well defined A-B-C corrective structure and could have marked an important pivot low today and may post new highs, well above $42k.

However, failure to build on this upside momentum and break below $28400, then this opens the possibility of a more important top at $42k to be in. Subsequently, downside momentum could accelerate and next cluster support is cited between $21728/$21155, which is roughly a 25% drawdown!!

1. Bitcoin – Daily Chart: Corrective structure complete today?