You are correct about that. We encountered very strong bear candle and yet the bulls cannot overcome or reverse this process in an instant. This is a sign of Strong Bear Movement and Weak Bull recovery.

It is advisable to wait for more days because there is a chance the bitcoin will break the 6,000 price level and reach a new lower low. Im expecting bitcoin to reach 4,000 - 5,000 price before it bounces back again.