Earlier in the week, BTC dropped below 6K and had the chance to plummet below 5800. However, it quickly bounced back above 6K and has held, trading at 6500 as I write this. This is a very bullish sign, as a higher low has held which could lead to the start of another big rally for the entire crypto market.
After the big downturn from 8400, the crowd was calling for 5K or lower. This is also a good sign for bulls, because the crowd is usually wrong.
A few days ago, the crowd claimed alt coins were going to zero. Since then, alt coins have also seen major upside, as BTC dominance has decreased from 54.5% to 51.5%.
I am looking for BTC to hold above 6500, which could lead to a rally to the low 7000’s. This will squeeze shorts, liquidating some, which will increase upside for BTC.
Overall, if 6000 holds that is a sign the market has bottomed and is beginning a new rally, which could be catalyzed by ETF approval.
There is definitely a chance BTC dumps at any moment which could lead to a lower low and another massive sell off. However, at this time there are bullish signs than bearish.
After the big downturn from 8400, the crowd was calling for 5K or lower. This is also a good sign for bulls, because the crowd is usually wrong.
A few days ago, the crowd claimed alt coins were going to zero. Since then, alt coins have also seen major upside, as BTC dominance has decreased from 54.5% to 51.5%.
I am looking for BTC to hold above 6500, which could lead to a rally to the low 7000’s. This will squeeze shorts, liquidating some, which will increase upside for BTC.
Overall, if 6000 holds that is a sign the market has bottomed and is beginning a new rally, which could be catalyzed by ETF approval.
There is definitely a chance BTC dumps at any moment which could lead to a lower low and another massive sell off. However, at this time there are bullish signs than bearish.