Where is the bear market bottom?
I want this to be a post that I will reference in the future, so take into account what I’m going to say today. Briefly, I want to set some bearish market bottoms (you probably already heard of these levels, so probably it’s just another confirmation).
In the case that we don’t close this monthly candle above 35k (which I see unlikely), price will probably move slightly down, as retail hasn’t stopped ‘buying the dip’, or in other words, they’re not capitulated yet. We’ll most likely see a slow bleed until the $22-20k range (maybe slightly above), continued by a consolidation in the $25-30k range.
About bulls now, as I said earlier, if we close this month above 35k, we might rally towards
52K (again, really unlikely at this point). However, after we exit this range I was just taking about, we might see happening something similar to July 2021. Lastly, I want to mention that this has been a pretty short post, as I wanted to summarise all my thoughts.
In the case that we don’t close this monthly candle above 35k (which I see unlikely), price will probably move slightly down, as retail hasn’t stopped ‘buying the dip’, or in other words, they’re not capitulated yet. We’ll most likely see a slow bleed until the $22-20k range (maybe slightly above), continued by a consolidation in the $25-30k range.
About bulls now, as I said earlier, if we close this month above 35k, we might rally towards
52K (again, really unlikely at this point). However, after we exit this range I was just taking about, we might see happening something similar to July 2021. Lastly, I want to mention that this has been a pretty short post, as I wanted to summarise all my thoughts.
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