A bullish divergence appeared today, which is a good sign. The only question is, whether we have already reached the bottom (in the short term). I would prefer a sharp tip much better then the current ranging structure. The current price action looks more like just another consolidation before going one more leg lower. In any case, while we should not be far from the bottom, we might still either touch the February $6k bottom or even take it out in an extreme case scenario. If we go lower, watch carefully for another divergence or a confirmation of the divergence. The bigger the divergence, the better (look at the great size of the 2nd to 6th February divergence). After that, we will at least correct the whole structure from the $11.600.
In the next couple of weeks/months, I still see us going lower than this, but I'll write about this in another post.
In the next couple of weeks/months, I still see us going lower than this, but I'll write about this in another post.