Well thar she blows. I had been waiting patiently for Bitcoin to make its move come Monday April 17th since my last post on the subject. Following days of interminable sideways action (the weekend in other words) and price going exactly nowhere, BTCUSD finally showed its hand directionally speaking and dropped on the Weekly Reversal which was Monday.

Reversals can go in either direction. The term is a bit of a misnomer really. It will really depend on aggregate market positioning what happens next. Indeed its not always obvious and I have been fooled many times when technicals led me to see price going North only to get stopped out as it abruptly went South instead. In this case the Bulls are going to get squashed and covering has already sent prices down as sentiment was so bullish the outcome could only lead to them being disappointed.

I had drawn this chart some hours back and not yet posted it. Had I done so it may have been more useful to you as price has since dropped vertically almost 1000 points in the interim. Don’t fret over it missing out though as there is much more to come. Bitcoin has a deep date with destiny and before this next decline is over you will be a believer when people tell you the end has come. My ultimate target on this trade is a shocking 17 thousand points lower. Somewhere near 12,500 to be more precise. Yes its a lot and yes I think its going to come to pass.

Buckle up, there may be a horrifying decline coming if I am correct that will play itself out as the weeks develop.