It is going to bounce with a vengence. 2x in like a week when everybody panic sells.
Everytime i tried to put a timing on a market it was always early. My suggestion is to double your current timing expectations. If you think the next bull run will start in 3 months 2x that shit. I feel like we will for a bottom the next 6 months so it probably will happen in 12. Then double your bull timing expectations. If you think BTC will go to 50k in 1 year,...
I think this level has 75% chance to hold and put the bottom for the next leg up. Might retest it at a later point.
Those are my feelings about the market macro wise.
If you had a choise would you buy or sell when something in the real world is 65% off. If you went in a store and you saw a pack of gummy bears that is discounted would you like to pick it up more then if it wasnt discounted. Funny how in the real world the discounted stuff are more attractive and in the markets people want to sell when something is 70% off its highs.
I have hope that this is fake due to the volume not being too convincing. Hopefully the next couple of days we go back above it.
BTC testing the 0.786 (6600) for the third time. This is the ideal turning point. If it doesnt hold say hello to 3k.
The dowside extentions are landing on 3000- 3200. If we continue to the dowside its porbably going to take us two,three months to get there. I really hope that that doest happen, because it just means that the bear market recovery will take a lot longer then everyone want it to take.
In this price action it is better to buy then to sell. Kind of a capitulation candle.
If not we could be in trouble.
If the support doesn't hold the next obvious support level is 5k. Hopefully we hold.
We are at OBV levels when BTC was at 2k, however the current price is not 2k. Besically if we go below 6k, we are most sertanly looking at 3, possibly 2k.
If we dont break it soon, we are looking at 6k again.