I have made comments on several people's post about why I didn't think price bottomed and why I thought price was going to retest the $6000 level. I even talked about the $6k level in January.
In the post/graph above, I stated we were approaching what I believe would be the bottom of Bitcoin at $6000 and that my first target was $12,000 and my second target is $17,000 over the next 3 - 9 months. Thus, I wanted to expand on why $6000 is such an important level to the Bulls.
In Nov. 2017 the buyers bought Bitcoin and kept buying Bitcoin all the way up to $20k. From $6k to $20k is a big move up, but the origin of this big move started at $6k. So when price revisited $6k in Feb. 2018, the buyers stepped in again and price rose to $12k.
And so, here we are again near $6k. Price keeps dropping because there are no buyers. The question I keep seeing is have we reached the bottom. I see no buyers until price reaches $6k. However, even if price reacts to $6k, it doesn't mean to jump in and buy.
Even if price reacts to the $6k level, I need to see the buyers take out the sell orders at $8000 and $8500 and break the daily trend line, then pull back to the daily trend line (that would now serves as support), but more importantly pull back into a demand zone (where there are buy orders sitting) on a 4 hr chart.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.
