Making it a bit more clean:
In the short term:
Also want to look at this:
All the catalysts to go up are present, for the next couple of weeks.
Anything can happen thought. I would not be myself if I did not post such a chart:
Commento:
Has been a while. It could drop any time now.
Crypto traders use the RSI alot, so we look at this in previous occurences:
I do not see any rule that can be generalised.
Sometimes the recovery lasts a few days sometimes weeks sometimes it was the bottom.
All that is left of non horizontal supports are the monthly moving averages: those represent the longest term holders.
Oh oh! The price is below those.
It's over.
Personally I think resumption of the downtrend could be soon.
But price can also bounce, maybe to 7000, maybe more, and not make a new low for another 2 months or more.
Crypto traders use the RSI alot, so we look at this in previous occurences:
I do not see any rule that can be generalised.
Sometimes the recovery lasts a few days sometimes weeks sometimes it was the bottom.
All that is left of non horizontal supports are the monthly moving averages: those represent the longest term holders.
It's over.
Personally I think resumption of the downtrend could be soon.
But price can also bounce, maybe to 7000, maybe more, and not make a new low for another 2 months or more.
The virus is spreading