Could it be?
What we saw last week was a bloody drawdown. Bitcoin fell from about 90k to a low of 78k on Thursday. But only shortly. Since then we saw a V-shaped relief which brought BTC back above 85k. On the daily chart this looks very much like a hammer pattern, a bullish signal. On the weekly chart though we still look very struck.
Could the 78k could have been the capitulation for bears? Was it the bottom of this correction? I don’t believe it, yet. If we can climb above 90k this would be a strong confirmation, so fingers crossed. Otherwise we have to prepare for more downside as I stated in this post last week.
How do you judge the current market situation?
