A retracement back to 5K would be likely, so we have a little further to go...in a perfect world. But we all know that BTC is anything but predictable. What is encouraging is the increase in volume. The steady declining low volume has been replaced with rising levels well above the level before the drop. A sign of accumulation? Maybe too soon to tell. Shorts are high so a squeeze may get us to near 5K sooner than later. Watch the numbers.
When we get to nearing 5K I would expect to see a retest of 3500 and a possible break that would send us to 1900. Is this likely to be the bottom....only interest by way of volume will tell. We may well bounce hard this time off of 3500 which would equally be a good indication of a bottom found and tested.
My guess is that Big Money wants 1900 at least.... Not advice, just shooting the breeze...comments welcome.
When we get to nearing 5K I would expect to see a retest of 3500 and a possible break that would send us to 1900. Is this likely to be the bottom....only interest by way of volume will tell. We may well bounce hard this time off of 3500 which would equally be a good indication of a bottom found and tested.
My guess is that Big Money wants 1900 at least.... Not advice, just shooting the breeze...comments welcome.