While people are confidently calling "Bull is back" and "straight to 10K", I'm not convinced. I think the current move will exhaust before 8500$ and we'll see a retest of 6000 or even 5300. After that, the final accumulation period of this bear market will kick in before we break above current levels, meaning we don't see ATH in 2019. Good luck out there.
Comment
⋅
Turned around before 8500$ as projected. Quite a steep drop, althoguh we didn't go as low as 6K. Dipbuyers are already stepping in as usual. Unless we see a very strong bounce and continuation here I think it is likely we will reach either of the two levels I highlighted above in the coming weeks. Given bullish sentiment, we could also see a bounce towards 8K first, followed by a second rejection.