I have had my eye on this price action for a while now. For now $5.8 seems like it was the bottom despite a little bit of a pullback over the last 2 days. The $6k barrier everyone kept talking about has actually been proving quite strong so far. With the price below $6k the miners would not be able to keep going at a profit, which is the main reason people believe we won't go much lower.
Something else I have been noticing is the building divergence on the On Balance Volume. I have been seeing this on almost any $alt. However, it has been proven time and time again that all rules are off when in such an obvious bear market and divergences or signals often don't play out as usual.
Still, if this pattern drawn on the chart is valid we will see the $8k regions sooner than later before it seems we will visit $5.8k once more. After that, I am biased enough to believe Bitcoin will try and reach for the moon once again.
Something else I have been noticing is the building divergence on the On Balance Volume. I have been seeing this on almost any $alt. However, it has been proven time and time again that all rules are off when in such an obvious bear market and divergences or signals often don't play out as usual.
Still, if this pattern drawn on the chart is valid we will see the $8k regions sooner than later before it seems we will visit $5.8k once more. After that, I am biased enough to believe Bitcoin will try and reach for the moon once again.