Well price could look a lot worse today. Lucid SAR resistance broken yesterday, new support formed. MACD is flirting with a bullish crossover, RSI left oversold territory. Bullish speculators can't be asking or expecting for much more than that right now, after the fake-out to lower lows. Other than some bullish divergence which is lacking but far a necessity either, you don't always get the perfect picture for every bullish trade, but this doesn't look bad by any means.
Looks like a bit of upside is due, even if price is going lower in the near future. Ultimately the bears failed to convincingly push prices below $60K for the past week, and are due to fail closing the week below the 200 WMA for second consecutive week. That's unconditionally a win for bulls for now regardless of how to cut it. I also think the low might be as soon as July now, rather than October time, as long as this month closes red (below ~$67K) and we capitulate thereafter. Will elaborate on that end of month, depending on how this month closes. Among many things I've said in recent days, I'm feeling a lot less delusional over a short-term rally of sorts:
Does this make me delusional for thinking we bounce back to $80-90K, before correcting back down to the 200 WMA at around ~$65K (based on current trajectory) over the next few months ?
This would mean that October low is back on the table though, rather than a capitulation low next month.
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