BTC has potentially bottomed out and recently broke a lower high and resistance level to the upside. This is not to say that we are 100% out of the woods now. The technical picture is still developing, However price is approaching a key inflection zone that has acted as support previously during the bull run and converted to resistance during the recent downtrend (after a nice retest of the level). This zone offers confluence with the upward trendline as well. We'll wait and see how Price reacts to this level. If it breaks through to the upside with an impulsive thrust, then I believe we'll have a sentiment change and the bulls have regained control. Otherwise, If price fails to break this level, we can expect much more downward pressure and we may see and test $1800-$3000 levels.
I'm wondering that news based only correction bounce isn't enough to end bear market, and your levels seems to be reasonable, to see revisited. 5K imo is a must, cause we broke down a lot of levels.
Blackbirdcapital
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@JA.piotr.bor, Yeah the news/fundamental was the catalyst for the current push up, we'll see if the trend can by sustained by the technicals. I still believe there's ridiculous amount of manipulation going on in this market, and with the FUD being created by the media daily.
mmmp12
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@Blackbirdcapital, Manipulation is horrendous, news too (seems correlated, but you can't indicate it), but what's the most important is - there are manipulated dumps, and major bounces off.
Because of this (and also, that I lost some here - not much, but always), I'm staying on sidelines, it's too volatile both ways, to make any assumption.
IMO this isn't the end - the end we will have, when everyone will be in despair, and real panic mode - calling suicidal lines or something.
Even drop to 2K, wouldn't surprise me after, what I have seen. IMO "the street" have come in, and they are maybe not panicing, but they are nervous.
Some funds have gone out, some are in, but they will want to kill it for now, to get in, in cheaper price, cause let's say - 6-8K isn't so convincing for them I think.
A lot of cryptos are so so overvalued to their network impact and network weight, that I also would want to see them correct.
A lot of people bought cryptos on credit, with recent high - they are nervous now. If they will dump, it can be really bad.
Bearish markets don't end with 1.5 months, even in crypto, so I don't expect it to end now. At least 1 month more. But that's my opinion (and price can waterfall even more especially with alts - they don't have any major support levels on most of them).