This pattern has many similarities and differences to the Dotcom Bubble but the recovery will be healthier because in comparison to the market size of the Dotcom Bubble, the stock market cap reached 6 trillion dollars which is much larger than the cryptocurrency market cap in December 2017 (800 billion). I feel that there's still some time before we encounter the real crypto bubble.
Fundamentally, there has been a healthy bounce which may have been caused by speculation of the Lunar New Year or the media mention on the Ellen show. However, I feel that the bounce is healthier relative to the corresponding stage in the Dotcom bubble. The bounce from the recent low is nearly 70%, hitting Fibonacci retracement levels of nearly 76.4%.
I wouldn't be surprised to see a pullback to 8900 or 8300.
Fundamentally, there has been a healthy bounce which may have been caused by speculation of the Lunar New Year or the media mention on the Ellen show. However, I feel that the bounce is healthier relative to the corresponding stage in the Dotcom bubble. The bounce from the recent low is nearly 70%, hitting Fibonacci retracement levels of nearly 76.4%.
I wouldn't be surprised to see a pullback to 8900 or 8300.