Its possible we see price break above the channel and print a bullish flag which then will go and retest 48-50k in my opinion. The likelihood that this will fall below where are now depends on many things that can occur at anytime including the news and whatnot. I am seeing buying volume increasing which may indicate that bulls are getting their confidence back to fight the bears back but it seems that bears wait at key levels to destroy momentum in anticipation of a lower low and possibly into the 40k's.
I have seen this pattern before during the covid drop and the drop from 10k that caused my Binance platform to malfunction due to the liquidations. In either case, the price recovered from a point ABOVE the huge red wick that we are seeing here now. Also, the Spent Output Ratio is showing green ticks so this price can't be too bad.
I have seen this pattern before during the covid drop and the drop from 10k that caused my Binance platform to malfunction due to the liquidations. In either case, the price recovered from a point ABOVE the huge red wick that we are seeing here now. Also, the Spent Output Ratio is showing green ticks so this price can't be too bad.