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.
what's the significance of the $5000 area? there's no established support/resistance there. there is literally only one daily pivot there from 2017 and it's never been tested!
nobody should be surprised if that level gets cut through like warm butter.
It's not a resistance because of some lines or supports. It's a fib 23.6 level. Why would we follow fib lines here? It's difficult to answer. Maybe because it's one of the most commonly used indicators? Maybe because people like round numbers and falling from 6k would create a support 1k USD below?
I used to be a hardcore supporter of 5k and 3k USD levels with 3k being the total bottom because those were the levels at which Japanese and Korean markets faced huge adoption and this adoption was the foundation of the bubble that came after. I believe that with those markets remaining open and welcoming to crypto we won't fall below.
You can quote me on that: Bitcoin will not go below 3k USD without a fundamental flaw like USDt blowing up on us. Bear market won't do it on its own.
I really do not see the possibility of USDT blowing up anytime soon even if it eventually does anyway. The market is actually maturing every single day and for what it is worth, even from this break out it looks a little bit promising at least at the moment.
I still am of the opinion that we may not be done with the downtrend yet though and we may just have some short term movement upward, but I guess it is something that only time can tell us. At this point, not at least in the short term will I expect the possibility of $5k. The market looks like it wants to have some short freedom from the bears and let's see how that goes.