My thoughts overall after we hit the highs of 20k late last year is a blow-off-top situation. We saw so many people including every uber driver talking about how much bitcoin is going up and how they made 3x on some random alts.
Witnessing the downside of that and a few bounces all around the support of 6k with 5.8k being the lowest. With this 5.8k holding, we may see one last push up. Whether it gets slapped down or not I'm not sure. Here are some of my thoughts.
1. The Ponzi is over and there is no-one left to buy except for the traders.
2. There is no-one left to sell except for the bag holders.
3. Bitcoin moves in large FOMO and buying cycles, people that have bought and sold won't be back again until they forget it existed and the price starts moving again.
Overall still but there is room to make one last push up to strong resistance.
1. 5.8k has been proven now three times to be large support.
2. We have broken out of the downward trend and could start to move pending on breaking more resistance.
3. 7.8k Shows some strong resistance.
As always, trades are open to interpretation and this is by no means advice. We should be thinking if the levels get invalidated, what could the next possible movements do? Any move is possible its just a matter of if you