Six weeks ago, when traders looked at their portfolio, the first thing they did was check if they were bleeding out. They knew the answer. They weren't.
Right now, bitcoin is almost one half of its all time high. Just because Asian markets had a good Tuesday doesn't mean the value of the currency is going to magically change back to where it once was, which is already pretty well known, it's going to take more than that for the price of bitcoin to be at an all time high again. With a lower dollar, there is a little more room to breathe in the crypto markets, and although that's great for the market, there is a difference between feeling relieved and feeling like everything is back to normal, sometimes the charts show that difference very well and sometimes you can't see shit.
If you're an analysts, chances are you're currently watching to see if the 5th of February crash level becomes a support level and if it does, there are predictions of a 10% increase from where we currently are. If it fails, there are also predictions of a 25% decrease from where we currently are. So, the two sides of the spread are far enough apart to drive a truck through, and those that have been involved in crypto know that both of those things can happen, sometimes in the same month.
Somewhere right now, a trader is weighing and waiting to make a move, whether this bounce is going to be the end of their losing streak. Because the price of bitcoin has gone up and down and levelled off before, it formed a bottom and then moved lower, just knowing that isn't going to help them make a decision. It makes it more difficult to come to a conclusion about what they will do, there is a lot more to consider and even with all the time they want to spend looking at the chart, no matter how long they spend looking at it, it won't change the outcome.
