Thoughts I thought 44k would be our bottom, but we went significantly lower due to the panic selling. That's ok. I used the dip to add to my positions.
INDICATORS The funding rate is now extremely negative. The bears seem overconfident now which are the right conditions to start moving up.
Bitcoin established a lower high on May 8th and a lower low on May 19th. I believe this is significant because these events broke the bull trend that lasted for months. With that said, I think we now have entered a bear market. I think it is likely that Bitcoin will bounce up to maximum 59,000 to challenge it's last high before it falls down again. Many things can happen, but I see this as the most likely scenario. What do you think of this scenario? It is pretty similar to yours, but slightly less optimistic, I guess.
CivilisedWolf
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@Larssonator, We have to wait and see, I'm guessing bitcoin will retest the 21w SMA (around 47-48k right now), if it gets rejected it might go lower. I believe we are still in a bull market, its to soon for bitcoin to top in my opinion.