Bitcoin hodlers are currently under huge pain, but the pain unfortunately is not big enough to consider any kind of bottoming formation.
Current market environment is excellent for triggering capitulation cycle across BTC and correcting entire upcycle in form of classical expected C wave starting from 13000.
The "coronavirus/stock crash" disguise is being used...
Possible irregular flat correction in play. Remember that wave 2 can retrace almost whole wave 1.
Invalidation of bearish scenario likely once high is breached.
Do not trust weekend pumps. On 3D you can still form higher low if you look at price action.
We wont be blindly shorting this or playing, but if market fails to break the highs you can be more confident...
Chart says it all. We had constant lower highs and lower lows for entire year. The pattern has not be broken and there's a chance that this rally is just for setting another lower high - as long as it doesn't break 8500.
In such scenario we can resume downtrend easily from here after a brief consolidation.
Looking at the monthly chart, BTC is open to all...