There's two major theories here. One is the bearish descending triangle. If it breaks down, most traders are aiming at the $2,000s or $3,000s.
The second is a rising bottom. Here's one example of a Wyckoff accumulation schematic:
https://i.imgur.com/w7zhUFK.pngWe need to see a sign of strength (SOS) to confirm. And if we do go that way, I don't think it'll be a bull run like last year. No ATH expected. I think it'll be a mid-term rally that tops near the $10K or $12K resistances, or maybe a bit higher.
I can't agree with you here. If we go below our current bottom at 5800 the next support is right below 5000 and this is the area where most people will place their orders. The most bearish traders like Tone Vays were eying 4800 since we broke 10000 or even earlier than that. Nobody is looking at 2000 because it's below the long term trendline that we were following since 2015 and this trendline is at 4000 and will get close to 4800 in December.
