I can't help think that Bitcoin will need to retrace further. Here are my thoughts:
We have fallen through a lot of supports and trends. It has been quite a brutal shake out for sure and will require a substantial amount of energy and volume to break back up through these supports.
The more people hurt by this the less enthusiasm there will be to enter this market UNTIL it becomes a complete bargain once again. We need the FOMO we have seen before and and I just don't think anyone is afraid of missing out just now. In fact they may be glad to be watching from the side lines.
