Do you think we've seen the worst of this dip for now?
Bitfinex cryptowatch shows the lowest deal on BTC for this time was 9,231$ which was just about a Fibonacci retracement (almost on point). I am not using TA normally, but I am considering it when thinking about the market. For now, it looks like the worst is over. This dip might be a healthy thing for the market, and CAN be the catalyst for another run-up.
What is your take on the situation?
I wont rejoice too soon that the dip is over because the same show of event happen sometimes last week or thereabout when the price rose from the $13000 region to go about $15,000 at that point everyone would think the coast is clear and static scenario has been broken finally but few days after that, we faced a massive dip in which no one could have imagined its going to happen.
Rather I would say we are gradually moving to the green position and this point is even a more fragile position because at this point if we face any crash in price, it will go below what it went yesterday which would even be more drastic. What is needed is a gradual increase in price to a point where we can conveniently say the dip is over.
I couldn't agree more with audaciousbeing. Everything she said is true, it is still too early to tell that we have surpassed the decline despite seeing the green marks. We can see improvements though which is a good sign, however we should see a consistent trend (despite the volatility) over time before we can confirm the dip is finally over. Maybe we can give it a few more days. Let's keep observing and hoping for the best. In the mean time, let's maximize the opportunity and do what's best of the situation.