$5000 is quite on the lower side and would indicate a serious drop in demand since it will break through several bottoms.
Main bottom is still what I believe to be ~$6000 that we marked back in February.
Main main MAIN bottom is ~$5600 that we marked last year.
Regardless of the price jumping up and down, long term speaking higher bottom development indicates growth, it's just that the upper (speculative) layer isn't really convincing, and it shouldn't be without anything interesting for people to jump on. In other words, the market is still going up, but not in the speculative way people like to see it go up.
My bottom development structure;
level 1 ~$5600
level 2 ~$6000
level 3 ~$6400
level 4 ~$7000 (in progress)
The gap between level 3 bottom and current price is ~$1400 so we have plenty of more room for downward force. It doesn't mean we will be going down that much, but we have some breathing room.
Main bottom is still what I believe to be ~$6000 that we marked back in February.
Main main MAIN bottom is ~$5600 that we marked last year.
Regardless of the price jumping up and down, long term speaking higher bottom development indicates growth, it's just that the upper (speculative) layer isn't really convincing, and it shouldn't be without anything interesting for people to jump on. In other words, the market is still going up, but not in the speculative way people like to see it go up.
My bottom development structure;
level 1 ~$5600
level 2 ~$6000
level 3 ~$6400
level 4 ~$7000 (in progress)
The gap between level 3 bottom and current price is ~$1400 so we have plenty of more room for downward force. It doesn't mean we will be going down that much, but we have some breathing room.
So basically, there is no real bottom if they are all mains!;)
Just as there are no real tops. Personally, if you're thinking to wait for dips to take profit on recoveries then any time now is still a good buy, only that every new main bottom breached adds a month to recovery wait.
Bitcoin is really playing out its consolidation phase this quarter, and at breathtaking pace as usual. We've thrown out double bottoms, higher lows suddenly replaced by floor revisits.
White knuckles for a good many months, my friends.
Well the thing here is that if you're not looking to cash out any time soon, it's not a bad idea to try and buy at any of these bottoms. Though possible, i think the levels of support you've indicated would already be hard to hit. I mean we can go to as low as below 6k of course but that would take extreme amounts of sell outs which is not likely to happen unless there's major fuds come along the way
