Was the dip yesterday 'the dip'? Will we go down further?
I think we will, but not much further- possibly hitting the $7,500 region. Remember that we need to pay back the huge exuberant run up we had at the end of last year, and looking at the daily chart, this payback should correlate more or less with that run up.
On the daily chart you can see BTC's movement outside of the log channel, with the two red triangles showing both the break through at the top late last year, followed by the correction through the bottom early this year. Should the bottom triangle and the thesis hold true, then we could see a further testing of the $7,500 region prior to a return back to the log channel between the 11th-21st of Feb.
