The question on every crypto traders mind right now is.... Are we there yet?
For the last month, traders have sweated it out as the market has drifted, often slowly, back down to levels previously seen in November before the fast run up to 20k.
So, are we there yet?
If we look at the chart we can see that BTC/USD has now reached a fairly important demand area for buyers to re-enter the market. A lot of the weaker hands have already sold their coins and the more institutional and long term investors have started to accumulate. Buy volumes are starting to increase at discount and so we now look at what is next.
From a technical point of view the downside risk iss limited to $6000 which isn't much further to go however, we see this as being a bit of an overstretch given the congestion on the way down.
A more likely scenario is a rebound back up to $12,000 in the near term and a market decision on the trend going into northern hemisphere summer to be determined from there. Upside levels are at $12,000 $14,500 $17,000 and $20,000 give or take a few pennies.
Currently there are no real fundamental reasons to suggest an even longer term downtrend with the exception of surprise regulations from the US or EU which could occur at any moment, so pay attention to these possibilities.
We favor the upside potential of bitcoin and will keep you updated as things progress.
You can follow us on social media:
Twitter: https://www.twitter.com/omicrex_crypto
Facebook: https://www.facebook.com/omicrex
Telegram: https://t.me/omicrexanalytics
website: https://www.omicrex.com