The last analysis was right after the huge drop after breaking the 10 month descending triangle. There was a significant increase in trading volumes as is per usual during such a steep decline from 6000 to 3500 (~40% drop) in 2 weeks.
In my previous TA I've always warned that we wouldn't see the real bottom until we have a significant volume break in the trend.
The question now becomes, have we hit bottom or do we have further to go?
No one really knows the answer to this but we can make educated guesses based on history and also current happenings. History is an indicator, but it never guarantees future results.
Long term (3+ yrs) I still remain bullish.
Short term prospects.
Multiple indicators show that we've over sold. There has been no real negative news that hasn't already been absorbed by the market. The fundamentals of bitcoin are still strong. In the background there are lots of development in the lightning nodes.
I expect a dead cat bounce back up to at least 4000 within the week or so. After that we will see what will happen.
I do expect mid term to be stuck in a 3k to 6k range for a while until new developments come about.
Do I think we've reached bottom? I think we are close but would not be surprised if there sharp sell off to hit bottom.
Not investment advice, just IMHO.
In my previous TA I've always warned that we wouldn't see the real bottom until we have a significant volume break in the trend.
The question now becomes, have we hit bottom or do we have further to go?
No one really knows the answer to this but we can make educated guesses based on history and also current happenings. History is an indicator, but it never guarantees future results.
Long term (3+ yrs) I still remain bullish.
Short term prospects.
Multiple indicators show that we've over sold. There has been no real negative news that hasn't already been absorbed by the market. The fundamentals of bitcoin are still strong. In the background there are lots of development in the lightning nodes.
I expect a dead cat bounce back up to at least 4000 within the week or so. After that we will see what will happen.
I do expect mid term to be stuck in a 3k to 6k range for a while until new developments come about.
Do I think we've reached bottom? I think we are close but would not be surprised if there sharp sell off to hit bottom.
Not investment advice, just IMHO.
Comment:
Target hit, set your stops where you are comfortable.
