Bitcoin continues to move within its downtrend channel and has now slipped below the psychological number of 10,000 USD. Basically all of the altcoins are following Bitcoin on the way down with a few of them behaving a bit stronger than Bitcoin but most of them crashing with even higher speed to the down side…
The german yellow press “Bild” has been featuring the Bitcoin crash with a panicking and fear-driven article yesterday delivering a wonderful contrarian signal that fits very well with the already beaten down sentiment. Sentiment-wise we have excessive pessimism in the mainstream which usually is a very good buy signal!
Technically it seems that the target and very promising buying zone around 8,000 USD is going to be reached rather soon. Maybe within the next 1-2 days already. This buying zone sits between 7,880 and 8,580 USD for Bitcoin. Here an epic trend change is expected which would be the buying opportunity for anybody who has missed the crypto train so far or who wants to increase his stake…
Most importantly for this bullish outlook is that Bitcoin prices remains above 7,600 USD. Otherwise the correction would likely run much lower. However such a bearish scenario has a very low probability at the moment.
Much more likely is that we are going to see the final low in the next coupe of days already as panic & blood are in the street and Bitcoin is testing its former high/resistance around 8,000 USD which is now very good support. From here I expect a V-shape recovery that will takes us back above 10,000 USD rather fast.
