How do you see BTC price? To me it looks like a bottom 10,700 on 5m chart. It formed a W and now we are on the way back. Any thoughts/other chart predictions?
I'm quoting one of my replies I gave in another thread:
Futures are now proving to be a nightmare for Bitcoins (maybe) and that they might even take it to worst than expected.
15k was the least we expected to see this year alone, but the levels broke down to even 13500 and 11500 levels which amplified the whole correction and it slipped down further. Still, we can call it a "crash" only if we take that "20x" into consideration that it started to rise from - $1000. And if we see it falling from $20k to $11k, it isn't a crash but "correction" that corrected it almost 50% but in less time. This is how it's all about, everyone here has a different viewpoint and so, some panicked while some survived this.
Now, let me explain why I said that:
In my views, Bitcoin is currently doing a correction but a rebound is possible which (as you said) can be seen now on the charts.
5m charts are seen if you want to scalp trade, but that's of no use in Bitcoin trading. Try to check high-range time slabs like 1H, 4H and 1D.
I didn't see it hit 10.7k (can you please draw me to the exchange where you saw that happening?) but the least I saw was near 11500 range and it's really not the time to panic, but take it calmly and as an opportunity for those who were waiting for it (saying all the time that Bitcoin is not affordable for them when it reached 20k), but as of now they can build up their stash at least 60-75% more than those prices. It's a golden chance for them who waited before and missed the train, they should really not miss this one.
