We all know that it is impossible to forecast the future, so here is a reasonable scenario that may play out based on the very recent bullish turn.
There is FOMO all over the market now, but I think it is a trap and the technicals need to take over, ie: profit taking.
Because of the bullish move, I'm not sure the bottom will go lower than $600 (at this point). However this might set up nicely for a double bottom retrace to get everyone who missed it back on board.
So what I'm saying is, first we 'go down' to go back up....
Question is, how low do we go?
There is FOMO all over the market now, but I think it is a trap and the technicals need to take over, ie: profit taking.
Because of the bullish move, I'm not sure the bottom will go lower than $600 (at this point). However this might set up nicely for a double bottom retrace to get everyone who missed it back on board.
So what I'm saying is, first we 'go down' to go back up....
Question is, how low do we go?