One of the hardest questions to ask ourselves, did the bitcoin bubble just pop or is this the bottom? This could be a long needed correction after such a parabolic run in December. I personally believe the bubble did not pop, but it is possible that bitcoin could go back to 3k, by that time I'm sure people will speculate that the bubble has popped and that bitcoin won't be going to new highs anytime soon. However, by that time it's already too late. Will bitcoin go to 3k? I think it's a very unlikely probability. Where could the bottom be? 6k is a good buy area. and 7.8k the red 200 day level is also a good buying price. Anywhere between 4k-5k and i'll be worried. I think their's an ok chance for bitcoin to hit 6k, so don't use all your free money up at 7.8-8k unless you really think that's the absolute bottom. It very well could be. Just know 6k is another good reversal zone. As shown in the RSI indicator, It's very possible this could reverse from this price zone. However, I don't think we should rely on 1 price indicator until we see a good price move towards the upside.
Komen:
Bitcoin free fall. I expect bitcoin to retest the 7.8k level. If it fails, I expect it to go down to 5-6k. That looks like the most attractive price. Anywhere lower than 4-5k, it's likely we'll be in a bear market for some time.
Komen:
If anyone had there buy order around 5.8-6k, you most likely got filled as I have. I put an ok amount of $$ at these levels, but nothing that can break me financially if it dips lower. Now, What we want is BTC to get up above 8.3k. if it can, I may feel like there's a chance it won't go to new lows anytime soon that is. But if it can't I will expect it to retest the 6k bottom and possibly go to the 5k price level sometime this week. 5k is where it has to reverse. If bitcoin can't stay above the 5k level, I am afraid I won't be bullish on bitcoin for some time to come.
