These are the three reversal scenarios likely to occur.
Bull Scenario: This is the least likely scenario due to the weakness we are currently seeing. It looks like we are still in a bear flag.
Bearish Scenario: This scenario is possible but there has been a lot of positive news coming out and most of the FUD can already be seen in the current price. The last move to 5K will likely rinse out the majority of weak hands and novice investors. Additionally, supply will continue to decrease as we go deeper into the non-profit zone for miners as they will be less likely to sell any of their coins.
Middle Ground: This is the scenario that I see as the most likely outcome. We have by no means reach a full reversal at 6K. Sentiment is still relatively high considering what the market looks like. When we bottom you will see many novice bulls turn bearish as they will have lost all hope. This will be the time to buy.
Bull Scenario: This is the least likely scenario due to the weakness we are currently seeing. It looks like we are still in a bear flag.
Bearish Scenario: This scenario is possible but there has been a lot of positive news coming out and most of the FUD can already be seen in the current price. The last move to 5K will likely rinse out the majority of weak hands and novice investors. Additionally, supply will continue to decrease as we go deeper into the non-profit zone for miners as they will be less likely to sell any of their coins.
Middle Ground: This is the scenario that I see as the most likely outcome. We have by no means reach a full reversal at 6K. Sentiment is still relatively high considering what the market looks like. When we bottom you will see many novice bulls turn bearish as they will have lost all hope. This will be the time to buy.