Thought i'd drop this update since people are starting to panic after the recent sell-off, looking at the weekly time frame as I usually do
![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2F7SplIeQ.png&t=665&c=iyHG2dOxXAYsCg)
We can see the price is still trading above the 20SMA (orange) which I have talked about it's importance in the OP, and how breaking the 5 SMA usually leads to a drop to the 20SMA, and so far we seem to doing just that.
Keep in mind that the 20SMA is currently at 8594$ as appose of 7200$ on the day I posted the analysis, we are a few days away from the weekly close and I do expect the 20SMA will be at around 8800$-8900$ so the chances of visiting that level is still in play, However !
the way the chart looks now, it seems like the bears are losing control and there is not enough selling pressure that would take us to below 9000$ again, and I do think price will still be in a sideways movement where 9k will be the bottom and 12k will be top for the next couple weeks.
TL;DR : there is nothing to worry about, we are still above the 20SMA, trend is still bullish , it makes more sense to accumulate than to sell at these ranges.