Price isnt everything but this is the speculation part of the forum. Ultimatly I dont think BTC is determined in this way, it is going to come down to larger factors of if BTC can be useful when FIAT national currencies start to suffer under the burden of debt that has been taken in their name.
But anyhow my view of this latest fall was a kind of reset and a fallback to support last reached. Perhaps its a reset but for now the fall is arrested and we now test the upper part of the downward channel I think
So I would target 6600 for the retest of recovery, price never moves in one direction only
https://i.imgur.com/bitMPn8.pngYeah but when it slumps, it slumps for a while. We've seen similar action in gold. Just a slow steady slip downhill for a long period of time, but not in large amounts. I think that this slump is starting to run out of energy though because it looks like it can't keep going down much further. It could, we never know, but it will have to bounce again soon.
The 6600 level was close, but now it's back down at 6000. There isn't a strong enough reason to bring it back up at the moment unfortunately. We need some more fundamental support to drive more investors over. It's all just old dogs lying around right now.
