There is still room to go down. There is no sign of capitulation, such as the spike in volume and long wick candle that marked the end of the 2015 bear market, followed by an accumulation period. Also weekly EMAs look far from invert and turning bullish.
I expect a large sale-off in the 5.7-6k. This is a perfect resistance zone to leave a large pool bulls trapped. Plus the many bulls that are waiting to sell and break even after their opened longs whilst the 6k descending triangle was testing support. FOMO seems to be kicking in and price will quickly be overbought.
Play the short. Accumulate for the next long-term bull run in the 1.5-3k range.
Pepe.
I expect a large sale-off in the 5.7-6k. This is a perfect resistance zone to leave a large pool bulls trapped. Plus the many bulls that are waiting to sell and break even after their opened longs whilst the 6k descending triangle was testing support. FOMO seems to be kicking in and price will quickly be overbought.
Play the short. Accumulate for the next long-term bull run in the 1.5-3k range.
Pepe.