Is there actually something special about that green line?
There isn't. If we didn't break yearly support last year that green line would be positioned differently, and the most important thing is that once again, it's a line drawn afterwards.
Currently we're past the date the market found its all time bottom back in 2015 and it's doing exactly what it did back then, which is move sideways, and I expect this to drag on for a couple of more months. At some point the sellers run out of ammunition (if it didn't happen already) and we'll see the price slowly but surely find its way up.
We have gone through a brutal selloff last year, how much more is there still to sell? At current levels it's way easier to support the price than when it was hovering over the $6000 level.
Not still sure if sellers are already out of ammunition to sell off but we can somehow presume on this price point that going deep further isnt likely to happen.
We are moving sideways as of now or accumulation period. People do thrown out lots of speculative technical analysis on this condition but pointing out precise on where
price would go is the hardest part.For now the thing we can do is to wait up on how things goes.
