Has the cryptocurrency market finally bottomed out?
This is a question which is hard to answer but given the recent price action where prices made a higher low, it definitely seems so. The previous low made was around 5700. In this recent downward move, Bitcoin made a low of around 6100.
We have also seen a mini inverse head and shoulder pattern which points towards 7700 targets. I believe that we are out of the woods with this recent price action. However, volumes were not great, which is definitely a cause for concern. Although, I believe that the market may have bottomed out, I don't immediately see Bitcoin heading straight higher targeting 20,000. I believe it will trade in a range bound manner in the range of 6000-10000 till end of year. 2019 accordingly will witness a start of the biggest bull runs in cryptocurrency history, which may last for many years to come.