The price was going nuts and now seems to have stopped falling for now and also slowly rising up for a little while as well. What are your thoughts, is it going to fall more or would it start to rise again and recover all the money that was lost.
And what if this rise in price is just temporary and the price would again reach $34k and breach that support as well, what would happen then, what is the next support to look out for in case the market bleeds more in the coming days.
And what if this rise in price is just temporary and the price would again reach $34k and breach that support as well, what would happen then, what is the next support to look out for in case the market bleeds more in the coming days.
You should not try to find a bottom of a 2 month long downtrend (that is part of 1 year price formation) based on 5m candles chart. Those are good for daytrading or fiding good entry point for longer trader if you already made your decision based on higher timeframes.
Now is 34k a bottom? I can only say what I see on the chart. Rest is pure speculation:
1- RSI is oversold
2- fear/greed index is on the extreme fear for about 1 month
3- We are inside the strongest support range (30-40k), where vpvr shows the biggest volume traded. In fact we are right in the middle
4- we broke falling wedge patter. With price target of 30k$
To sum it up. Its highly likely that price will bounce from 30-35k range back to 40-50k range (we will see whats next based on current performance). But its too risky to call 34k a bottom.