BTC is a cyclical being.
Volume is bottoming out which, historically, signals the early development of a exciting market movements
At the moment no reason to think there's any trend reversal. BTC is still a market driven by stop loss hunts (= chop), and institutional traders (1 in every 5 hedge funds is now crypto based) desperately trying to save the $6,000 support.
Breaking $6,000 will be apocalyptic and great for shorts. BTC tends to be unpredictable and likes to cause max pain....so although we can't rule out a reversal around here, it would be surprising if the real reversal isn't based around a death wick under $6k. (Take note of the fall from >$260 to ~$160 to finish the 2014 correction).
The recent tether spike, in my opinion, is just more chop and there needs to be significant volume entering the market before we can safely say we've finished this correction and started a bullish trend again.
Wave 5 should push up towards $50k if we're lucky
See chart of whole crypto market below
Volume is bottoming out which, historically, signals the early development of a exciting market movements
At the moment no reason to think there's any trend reversal. BTC is still a market driven by stop loss hunts (= chop), and institutional traders (1 in every 5 hedge funds is now crypto based) desperately trying to save the $6,000 support.
Breaking $6,000 will be apocalyptic and great for shorts. BTC tends to be unpredictable and likes to cause max pain....so although we can't rule out a reversal around here, it would be surprising if the real reversal isn't based around a death wick under $6k. (Take note of the fall from >$260 to ~$160 to finish the 2014 correction).
The recent tether spike, in my opinion, is just more chop and there needs to be significant volume entering the market before we can safely say we've finished this correction and started a bullish trend again.
Wave 5 should push up towards $50k if we're lucky
See chart of whole crypto market below
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