We're at a critical support zone indeed, as targets of prior bearish patterns have been met.
However, the volume is just picking up & death cross just confirmed. This means we are finally out of the "denial" phase & more capitulation will come.
This is normal bubble burst process & the current bounce is some cautious shorts closing their positions (as targets are met). Still, I don't expect many buyers at this price.
A few months ago people mentioned 9k would be impossible because everyone would be buying. Obviously that's not the case. I don't expect this time to be different.
I'd like to reiterate that the bottom is where the price NO LONGER bounces. It'll stay flat for weeks or even months and slowly regain traction.
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Death cross also confirmed on btfx. Now on all markets. Should see significant drop in the coming weeks
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green day over?
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probably just normal P&D
of course it's not going straight to the bottom. will take months
Okay great but is there no possibility of use not finding the bottom and get a clear bounce straight back through? It seems most are happy to call the bottom at the moment and sit there for any length of time. Would be highly boring and just when you thought BTC cant get any more boring at the moment.
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@monitorr, why would any smart investor purchase btc right now when the trend is clearly bearish? Money that flows in right now is just dumb money and people with fomo. As soons as people realize this the price will go down. Probably with some media attention that bitcoin is dead.