Well of course nobody is able to give you exact namber where bottom is going to be... All is just guessing according to diffrent indicators...
I can not see well, in this image in your opinion what is the bottom? $3600?
A.) I expected bounce from 4200$, in fact we want down to 3600$, but this doesn't change anything... bounce should go definitely above 5000, close to 6000 is possible. And than another big selling next year all the way down to new lows..
B.) We go down to 3000 - 3200$ without having any significant bounce before that... after we go back above 5000, 6k is possible, and next year we have another big selling down to new lows, in 1300 - 2000$ range...
C.) like B. we go down to 3000 - 3200$ without having any significant bounce before that, and in next 6 months we are somewhere in 3500 - 6000$ range, but we don't make new fiat lows...
We're either oversold and already broke the bottom, which should mean a fairly swift return back to $6000. Or we haven't reached the bottom yet which will likely mean a push down to $3000 or lower. I believe that the second is more likely true given how little push back there has been with the price, there seems to be little in terms of buying volume to move the price upwards.
I agree with you on volume indicator, we haven't seen enough volume to be confident...which in my opinion means we haven't seen the bottom yet...
The market is making some insane moves. Going down by -20% in a 24h period and the next days we see a +10-15%. Any prediction for the short term seems unreliable as the market itself seems don't know where to go. People are calling $3,000 the bottom, and when we will be in they will say $2,000 is the bottom and so on.
Everybody who is still interested in crypto is trying to identify bottom, and wants to buy as soon as one important support is reached, this gives the bounces into green... on the other hand someone is very much interested to drive price down, and to shake off all weak hands, create panic ... this gives us huge drops... It is just usuall market psychology... But of course nobody knows at which level bulls will overpower bears and vice versa
Nah man, there's still way too little despair in the air. The streets need to run red with the blood of traders and hodlers alike as everyone loses their hope and feels their investments turn to ash. There's no bottom as long as people even dare calling the bottom.
And I also agree with you very much on this market emotions observation... but I believe we will have one significant bounce, before final sell off and absolute bottom....