At the beginning of February 2018, Bitcoin reached the bottom $6,000 after reaching $20,000 at the end of December 2017. Since then Bitcoin was not able to get below the support level $6000 even though there were many attempts to break this level. Many people started to get impatient because it already looks like Bitcoin will never go below $6000, but what if it will? We are in a phase where you need to be patient. Until Bitcoin will not create a higher high, there is no uptrend in a sight.
It is constantly creating lower highs, so we will probably see a break of support level $6000, or at least false-break. From a statistical point of view, we are in the second-longest downtrend on Bitcoin. The longest lasted 411 days from 30 November 2013 until 14 January 2015. Now downtrend lasts more than 270 days. That means we are close to the end of a downtrend, but it's still there creating lower highs, but not lower lows. If Bitcoin breaks the support zone $6000 it can cause a dramatic selloff in markets, but it can also mean soon ending of that downtrend. We are bearish in short-term view, but we are bullish in long-term. Until Bitcoin won't get to $5000, we are waiting.
So, the important thing here is that Bitcoin is very likely to break or at least false-break support level $6000 and we are close to the end of a downtrend, but be patient.
I agree. Until we test 4500-6000 region we won't see a reversal of bear market. When is your predicted time frame we break 6k?
AtlantisCapitalGroup
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@manjotsbajwa, Thank you for the comment. Hard to say really. It is almost impossible to time such a thing. Just wait and be patient. We expect the beginning of an uptrend in the first quarter of 2019.