For some it’s time to turn Bearish and start shorting and closing all their longs, for some others it’s time to start buying more BTC until we test the weekly 50 MA yellow, (or not, since we don’t usually kiss that MA).
from here we can expect to test another lower low, eventually something between
6.8k and 7.5k but it may not happen if Bulls take control sooner than “expected”.
Waiting can be boring but many times it’s the best we can do… Alts Market Cap failed to bounce and dipped quite hardly after testing the Daily 200MA. Nonetheless, this dip doesn’t mean we go down from here, probably many Stop Losses got triggered and at this point almost all long leveraged position are liquidated (non-existent) providing less fuel for Bears.
What Bulls want to see now is a strong support like previously mentioned. If we hold here for two or more weeks it means Bulls are finally in control and they will catch any lower low without hesitation (like some already did with this one).
Historically we already saw something quite similar when the previous Bull Market Started…