Looking at the chart i see 2 options, the blue and purple line on one hand and the red line on the other. Because of this sideways movement it's difficult to say if we go up from here or that we make another drop between the current level and 5500ish. I think that if the 5500/5600 level breaks, we could see some real dumping and panic selling. This could trigger a nasty V shape low. Now don't look at the price level of the red line, that has no value at all. It's just to give you an image of how the chart could look like.
Even though the V shape low has been something i have mentioned for over a month now, at the moment i think the blue/purple lines have the biggest chance. Even though the bulls are still very VERY weak, it might just be part of the plan. Alts have been taking big hits and each bounce has been pushed down even more than Bitcoin . It's just so funny actually, that those famous people telling we will see insane rallies this year or the next, that from the moment they open their mouth the market has been making on dump after the other. If your such a tough guy/girl, put your money where you mouth is and buy this market up and scare the bears a little bit in to closing some of their short positions. Instead of probably selling them selves as well, just to secure some $ for their (already huge) pension.
All we can do is hope we get some answers soon, instead of this sideways action that does not show a clear path that the market wants to take.
Look at this message, shows again that many people just don't have the slightest idea of how this market works. The amount of coins that are being traded in the market, or so small, they actually don't represent the true value of it. Saying $20 billion went in the market again, is completely wrong. Probably not even more than a couple of hundred mil. Same reason why this market gets dumped AND pumped so easily.
Hence, the market just may have increased by those numbers as published. On the other hand, the false sense of optimism... the manipulators in play.. and other fundamentals.. do NOT have me rooting for a bullish return to the market just yet. I tend to think like you do, Botje.. and it's why I always see what you publish and take it into careful consideration for making my plays.