We can see more and more divergence on the chart, the battle is real!
So much bearish charts around and the price is not moving so much, Bitcoin went heavily oversold on the 4h RSI which is now seating in neutral around 40.
Shorts are not moving on bitfinex so I don't see much money left on the bearish side.
Everybody was expecting instant gratification and is now feeling the pain, old money moves slowly (2-15 Business Days)
The next months should get very interesting
So much bearish charts around and the price is not moving so much, Bitcoin went heavily oversold on the 4h RSI which is now seating in neutral around 40.
Shorts are not moving on bitfinex so I don't see much money left on the bearish side.
Everybody was expecting instant gratification and is now feeling the pain, old money moves slowly (2-15 Business Days)
The next months should get very interesting
If this is the end of the correction, the 1.618 extension is around 12k, again very significant number with the fails to cross it back in Feb/March.
Climbing back up to 12k would print a very nice Adam & Eve pattern, with fundamentals stronger than ever I would be surprised by a continuation of this cyclical bear within the secular long-term bull market so I'm expecting Bitcoin to get there in the next 2 months.
In the other hand closing below 8k would imply a continuation towards 7400ish where strong support is expected. Further decline would invalidate this analysis.
Just my opinion