Here I present to you, my idea of the potential bottom for BTC which would be around the $29,000 mark. On the weekly timeframe log chart, Bitcoin is still in its uptrend. It tested the 0,618 fib level already, and might go for another retest. This would be in confluence with the upward sloping trend line and the 200W EMA. This could lead us into a bear market till around April or May until a potential rebound. I think the world is still in its pandemic shock, and there is too much FUD going on, therefore retail investors are still scared to make big investments. That's why I don't think we will see a strong up move for now.
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Leave your opinions below.
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