And I guess sideways would look like this?
After the bounce, it looks like we're going back to how it was going prior to it.
After the bounce, it looks like we're going back to how it was going prior to it.
Surprising to see most people vote sideways for a change. It's a good sign that people aren't too bullish right now at least, even if maybe they should be a bit more bearish given the current correction.
As for the sideways theory, I'm not too convinced. Once price eventually reaches $25K level, that's looking increasingly likely, it will either act as support or fail imo, rather than any prolonged attempt to hold it as support. I say this as there is a lot of fear in the market right now with what the SEC is up to, even if it doesn't directly effect Bitcoin what so ever, people are still selling regardless it seems.
Personally I still find it more likely for price to re-test around $23K, potentially with a more capitulation style candle/event given the current market sentiment, followed by a swiftly returning back above $25K. Not so dissimilar to $20K correction that quickly returned to $25K. Despite the background noise, I don't see much different so far with the current correction than that of March. The only difference is we haven't seen the quick move to the downside yet, but instead a slow grind downwards with low volume or support, but I think we are getting closer to an increase in volatility in order for lower prices to arrive.
I say this as there is a lot of fear in the market right now with what the SEC is up to, even if it doesn't directly effect Bitcoin what so ever, people are still selling regardless it seems and Binance.us could be at risk but they could just close it all together and Americans will continue to use .com anyway and I believe that we should be seeing the price recover. Whenever it goes up and If my analysis holds true, it therefore means that we can only cross $30k for a short time and return to this stage again and At current conditions some people could start thinking that the market cap of lots of these coins are way overvalued.
The reality is according the usual Fear & Greed Metric there isn't any fear in the market yet: https://alternative.me/crypto/fear-and-greed-index/
For sure there is a lot of concern and uncertainty right now, especially of what could happen next with the likes of Crypto.com suspending it's US activities, but ultimately we haven't seen any real fear hit the market yet. This is why I say if price breaks below $25K we could see some genuine fear in the market again, as right now the market sentiment remains relatively neutral despite all the news of late. Either that of the current concern will pass, $25K will hold as support and the bullish trend continues. As despite the pull-back and correction, the market hasn't even begun to enter in a bearish period yet.
In summary, if you're someone who buys fear and sells greed, then this isn't the buying stage yet. We have yet to see whether fear will appear in the market or not.