BTC bounced hard from the $42,000 key level. The important level to flip is $48,000 area. BTC needs to reclaim the $48,000 and then the $51,100 area to again turn bullish. There is a potential double bottom on lower time frame. The dump is artificial and market now recovering. This is a good sign. BTC also tested the 200 EMA which is bullish sign. In bull market 30-40% dips are normal and considered as buying signal.
Basing off on technicals then it does really have those indications or signals but do you really believe that people would really be that willing nor confident on buying out on this current correction?
For sure they would once again on that observing mode where they do only make out some buys when the price is already climbing up and regret once again that they should have buy earlier.
30-40% corrections are indeed normal into this market but it seems people do still freak out when they do see or witness these situations.