If the price is unable to recover and break back above the aforementioned trendlines, a retest of the recent low of approximately $8,000 is highly likely. Should $8,000 fail to hold, a further washout to test the 23.6% retracement area of approximately $5,000 – $6,000 may be likely, potentially validating a trendline stemming from the test of the $1,800 USD area during July 2017.
So, are you anticipating another leg down to test the $5,000 – $6,000 zone? write down your thoughts regarding this statistic.
Those who buy on the dip are prolonging the bear market and in fact causing people to gradually give up. That means it can take another year or so until bitcoin forms a bottom - my guess is a lot lower than where it is. Granted there are going to be bear market rallies here and there that will all fizzle just like the latest one from $8k to $9.5k. I also suspect that once so many people have been burned, they will never want to get back in and that will be the end of cryptos - except for the "real believers" the hodlers, but it's going to be a niche market with far smaller market cap and almost no application in the real world except for a zero sum confidence game.