Not all doom and gloom
While everybody is predicting our drop to 4k and even lower I have to disagree. Almost every previous bitcoin dump has been reversed around the 70.2 fib retracement level. Rather not a fib level but the midway point between the 61.8 and 78.6 levels. As you can see on my chart we have hit that level now for the second time. The Macd is showing less sell pressure and a potential divergence which could quite possibly be confirmed in the next few weeks and the 13 EMA on the willy is now stupid which is a strong indicator for an upcoming reversal. I believe bitcoin will hold support at the 70.2 level, reverse, and range for a while before returning to a bull. typical bear markets can last as long as 16 months so im not predicting a huge pump right away but I feel we are near the bottom. Just waiting for some structure to form showing some bullish momentum. take my opinion for what its worth. happy trading
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