Yesterday the bitcoin price dumped to 17,600$. A lot of people are saying that the bottom would be 12,000$ or 15,000$. Some even think that 6000$ is on the cards. However, we have seen some recovery in the price and it is now above 19500$.
Maybe 17600$ was the bottom or do you think there is more dump in the coming days/weeks?
It's still uncertain unless Bitcoin will show a strong movement upward and close a green weekly candle. The price is currently just a relief for a week of dumping and its still monday which is always a minor recovery for crypto. Let's wait for a clear confirmation the following days or weeks to make sure that we are not buying a falling dagger. The current relief is very scary because it might be a bull trap for retail traders that will long on the current price. There’s a bullish sign on the shorter time frame but the longer time frame still remain bearish.