In my opinion I see that CCI (ema & volume weighted) on weekly is extremly oversold and it is on the lowest point from 2014.
It means that bulls will come soon and this is bear market capitulation. With Bakkt futures on Janruary 2019 and ETF's coming market will recover faster than bear market in 2014-2015, because market is much more mature today.
I think that FAN angle is a good support to bounce from this leveles to the up side. If price drops below 3000$ and enters death zone, so then I assume that game is over, and market will enter to unpredictable long term bear winter.
Also I would like to mention that this move to the downside on weekly chart is already out of gas as it is shown on CHOP Index.
I expect Bitcoin reversal to the up side.
It means that bulls will come soon and this is bear market capitulation. With Bakkt futures on Janruary 2019 and ETF's coming market will recover faster than bear market in 2014-2015, because market is much more mature today.
I think that FAN angle is a good support to bounce from this leveles to the up side. If price drops below 3000$ and enters death zone, so then I assume that game is over, and market will enter to unpredictable long term bear winter.
Also I would like to mention that this move to the downside on weekly chart is already out of gas as it is shown on CHOP Index.
I expect Bitcoin reversal to the up side.
I expect bounce up in few days.