We can not say that so surely whether it will be again reaching the ATH of November because for that to happen we need to stick around the current market cap. For now the market is continuously dropping, and if weak investors started to panic at that downtrend then it can push the market cap in negative side of your downtrend line very fast and thus reducing the prices for the bitcoin.
That’s the fear where we are more concerned because we are not sure about the investors. What if someone started to think that it’s already reaching 7900 prices and it might go down below, but they have inevsted at that prices previously. This will affect their investment and thus will start panic sell for that group.
This is why i do see this market is almost affected by emotion because anytime prices would go even more deeper as we speculated because we wont even know on how investors do feel from time to time. If theres a panic then that strong support level would be break in no time.Having technical analysis isnt really bad which i do agree on plotting on charts this is really the ATH on last november and it seems we are heading there.
TA has big limitations and they're exactly as you said, it's great for identifying support levels and potential bottoms but what it cannot tell you is how the feeling in the market will be at the time. If we reach 8k and then suddenly there is a big bad news story that breaks, the support level will not hold, that's for sure. News and feeling drive the market much more than anything else.
