Predicting when exactly Bitcoin is going to start to turn around into a bullish sentiment, is not easy, but its a reasonable to take a look at things in a technical manner, considering fundamental news and the international acceptance of bitcoin, along with the war of officials fighting against criminal crypto organizations, we are about to find a level, which can be seen as the new fundamental point for the market to look back in a year or few months from now.
The chart is posted zoomed in and out so you can see the whole log support channels.
What I believe is currently happening, the market is still trying to find its place and it will, soon.
We broke the 2017 support so what do we take as a next foundation, I think the current Fernbacci level of 5800 to 6000 USD is an extremely strong support that will be too tough to be broken, as Bitcoin is gaining market acceptence globally. The buy power will just be too strong, if it falls to such levels.
If the log 2017 trend is broken, the next best log support we can draw is the run of august 2015 until beginning 2017, and we draw it straight on as a lower support, but the market has changed in 2017, with a steeper price gain, the 2015 price movement does not mirror the current market acceptence of Crypto and bitcoin, while the 2017 trend was too hot and steep, so we can just draw an average support with an exact middle angle of these 2, and we can see, teh average 2015/2017 log support line.
if the current fernabacce level meets this average log support, we could likely see a turn around on the market, a bullish sentiment. Or a major crash, but crypto has evolved too much and gained too much acceptence such a crash could only occur in my view, if countries start banning bitcoin on a global scale. For me that scenario is more unlikely than ever, as many countries and companies around the world have started to accept Bitcoin as official payment.
So here is my bold call, if we reach 5800 or May 5th, we will see from that day on, a positive bullish sentiment once again on the crypto market. what do you think :)