Hi guys,
Before I get into this I would like to say the current information is my personal opinion and not professional.
I’m not sure how you look at the crypto trading market but I like to look at the trends over time to get a general idea. For example I look at the weekly, monthly, 3,6 and 12 months trends to get a feel of the overall market fear/ confidence situation.
There’s no one who can accurately predict the market but it helps to look at trends.
It’s also important to keep in mind that trends especially in crypto currency can become useless especially since there are occurrences that can make the trends irrelevant such as hacks, big money whale trades and inexperienced/ scared investors trading out of fear.
With all that said I will share the trend in bitcoin from the Blockfolio app over time.
The first one is for 1 year
Then 6 months
Then 3 months
Then 1 month
Next 1 week
When you look at the 1 week trend, it is very easy to think things are turning around, however you want to look at the older trends to be more certain. The one year trend makes this new spike look like nothing.
On the 6 months trend you can see that there was a fake rebound in early February.
Not trying to discourage you or anything but this might be nothing.
Things that work in favor of a rebound i think is the fact that it is tax season and people might want to buy at current prices that they might consider sale prices.
It’s important I think to not only look at trends but pay attention to news and notice how people react to it.