Today, some big players decided to dump their precious coins onto the market causing significant dips. The dips corrupt market dynamics and prolong any trend reversal attempt. Therefore, right now we've entered a bearish market, a bottom may be tested the third time or a lower bottom may be sought:
Hourly BTC chart, Bittrex
Trend reversal can take 1-2 weeks normally, therefore chaotic movements can be expected near the bottom, that's why few people can catch a falling knife in the stock market because it is one of the truly riskiest places to be.
Where would a lower bottom be? $6000 is a previously tested support, and $5000 is a psychological support from which we should expect the market to bounce back from with high probability. A lower support could be $4500-$5000 which is the mining cost in some developed countries (US, Russia). Crashing below $4500 is possible since there are still many countries that could support a mining infrastructure, and bitcoin network would still continue even if not as profitable.
Followed and Upvoted, Keep up the good work and looking forward to more from you.
Thank you!
Well, the crypto world is certainly a roller coaster lol Definitely not for the faint hearted!
No, it's not they got even my longs rekt :D