Not necessarily. I wouldn't disregard the possibility for further adjustments downwards at this stage leading to previous bottoms being tested.
I still believe we are still some time away from the actual recovery that would lead the market into a bull market, and this can be seen through the strong resistance that is still present at the $4k level at the moment despite what seemed like a pretty sizeable rally from the start of the month. I definitely won't rule out seeing a lot more dips than what people are expecting right now.
actually the resistance at $4k is not that strong. the only reason that price couldn't do an actual "breakout" was because it was the first time that price level was being tested and as is the case with first attempts at reversals, it always fails without exceptions.
yep, it was a clear resistance level---a previous weekly pivot. obviously it was going to be sold into the first time the market tested it. there's nothing surprising about that.
if we convincingly
double top at $4200 then chances are we've seen all the upside we're gonna see. right now it still looks like a short term shakeout to me and there's more upside to the upper $4ks, maybe $5k+.
this is just a short term trading perspective though. if i were a long term buyer, i wouldn't be buying here.