If BTC continues to dump without a signifiant rally, this will not play out.
But if we see a recovery at this point, there is class A bullish divergence forming in the MACD. This isn't reason to believe that the bottom is in and we are heading to new all time highs, but it could be a sign of a significant reversal in the short term. Most likely, I expect that it would meet resistance in the $28.8k region where the previous accumulation structure had support. It would probably see this as resistance, bounce off and dump again, possibly breaking through that holy barrier of the last cycle's ATH. If we were to get back above that level and back into the range of the old accumulation structure then we can start having a new discussion after oscillators get reset. It is hard to be bullish given the macro economic landscape at this time.
But if we see a recovery at this point, there is class A bullish divergence forming in the MACD. This isn't reason to believe that the bottom is in and we are heading to new all time highs, but it could be a sign of a significant reversal in the short term. Most likely, I expect that it would meet resistance in the $28.8k region where the previous accumulation structure had support. It would probably see this as resistance, bounce off and dump again, possibly breaking through that holy barrier of the last cycle's ATH. If we were to get back above that level and back into the range of the old accumulation structure then we can start having a new discussion after oscillators get reset. It is hard to be bullish given the macro economic landscape at this time.