Bitcoin tumbled down to support at $48.2K. We did warn you that $50K bitcoin may be in sight, but the fact that we've broken the $50K handle is somewhat of a surprise. This appears to be the conclusion of a second wave of selling for BTC. The Elliott Wave suggests that this may be the bottom for BTC for now. However, if there is still some bear momentum in the tank, $46.2K is the next target. For the longer term hodlers, this would be a golden opportunity to load up for the long run. For a short term long position, current levels should hold and we should see a bounce, but a narrow stop loss might be a good idea in case of another dump.
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