My gut feelings (no technical analysis here):
Personally I wouldn't mind going way below $80 (no fear till $25), I still wish to increase my BTC position - the cheaper the better
- we may test $80 soon, but if it's not falling we will stabilize around $100 and go up from there
- if $80 falls we will have a mid term bear market, with bottom further down than mostly expect
- long term, and unless something disruptive happens (for eg. superior crypto taking over) Bitcoin can only go up
Personally I wouldn't mind going way below $80 (no fear till $25), I still wish to increase my BTC position - the cheaper the better
Who is going to test $80? There are no more sellers left. The price has not stayed still for more than an hour for the past 3 days at least. There had been a constant selling pressure. There has been no selling pressure since 8 hours ago. To me it seems that there are no sellers left.
The wall did the stuff for now, it's a fair sized one so it's not easy one to break so people are thinking "I'm going to wait to see how will this go". It might even work, who knows but it definitely saved the price to not crash again for now..
And lately we have had huge volume indeed. Biggest sell off after 2011 bubble was in November, with 400K in one day... And in 2013 we had two days with aprox. 500K volume each only after the burst, so it's very possible that $50 is indeed the bottom. Despite of the "this is like 2011" posts, I believe we will have a much faster recovery, and I won't be surprised if we don't break $80 and we go up from now on.
So much for that whole Elliot wave thing... Grrrrr
