A lot of volume has been flowing out for a good bit now, this entire comeback in the market will most likely not last. It will either form a double bottom or break that resistance reversing nearly all of last year's gains.
Reasons I suspect the following trend to take place:
VMACD 144 showing massive accumulation
VMACD 610 starting to go positive indicating trend change confirmation
Most likely there will be one last massive downward movement to attempt to squeeze existing longs that are leveraged, then it will proceed to break just above 110
Results when I used 2 averaged lines to buy and sell at the crosspoints, little noisy atm, results are from 3 ETH, NO LEVERAGING! :D Still working on limiting noise, buy a VERY effective indicator nonetheless!
Most likely will have a big come up to fake out bulls, true bottom is still yet to come. Partially because of main institutional investors still being hesitant to fully enter the game.
Lowest Bottom Possible: $5,250
High Before Bear Run : $6,350-6,400
Just my take :)