For months we have been calling for new lows in Bitcoin despite countless experts saying that Bitcoin was going to head higher. Our technicial analysis has proven to be spot on in this regard. Today's huge $400 move higher provides excellent proof that there is a lot of buyer support at the key $5800 region. We believe that if the current low of $5778 hold we could be seeing the current near term low of Bitcoin and most of the Crypto market. If we break that low, then we are prepared to see further declines. However, this might be the lowest point we see Bitcoin again in our lifetime. We state this without any intended exaggeration or hyperbole.
The only present flaw we see in this logic is that Ethereum has failed to hit new lows along with Bitcoin and XRP. This proves to be a minor sticking point. We are ready to assume that this is a truncated 5th wave decline, which is rare but plausible in this circumstance.
Although we urge that it might be too early to buy in with price action below the 55 EMA on the 4Hr chart, we should be prepared to see eventual buy signals in the Crypto sphere.
"We've come along way from where we began"
https://www.youtube.com/watch?v=RgKAFK5djSk
Note the blue trendline from 2017 holding the lows as a strong resistance line
