Now finally with the bears exhausted and shorts squeezed, we see the bulls counter attacking... however without an approval they have no backup. What I see happening is the same trend back in Aug, but at a smaller scale. IMHO, Bitcoin bulls have enough gas to reach the 7200 range again, before getting destroyed by the weekly downward .
Note my pink curve line is generous, we are still in a heavy environment, and the last bounce didn't even have the strength to reach the weekly , but got rejected by the Ichi Moko cloud.
Only an approval or official Bakkt launch can hope to change the trend. Otherwise barring those 2 things, we will have to wait till full capitulation 3k-1300k range for Bitcoin before the Bulls can return in force to pick up discounted coins.
I'm only long in the short term, few weeks - month.