Bitcoin (BTC/USD), as well as most cryptos, are getting wrecked as we speak. Many are panic selling as the market is down by close to 50% in less than a month. On top of that, it seems that a fresh yearly low is printed with every passing minute. Bears look unstoppable as calls for Bitcoin’s death grow louder and louder.
Consequently, fear, anger, and despair grip market participants by the throat. Even some of the most hardcore hodlers and the biggest personalities in the space have capitulated. If you’re new in Bitcoin trading, it would be very easy for you to succumb under these conditions.
Do not. We are very close to the bottom and we will likely see a bounce that is so intense that almost everyone will be in utter disbelief. In this article, we show you why the Bitcoin bear market bottom may be ahead.
Drop to Heavy Demand Area
Over the last four weeks, bears have had their way in this market. Bulls are nowhere to be seen ever since Bitcoin breached $6,000 support on November 14, 2018. However, we are very confident that bulls will flip the table soon.
With the breach of $3,600 support yesterday, December 7, Bitcoin is once again falling like there’s no tomorrow. While the market looks extremely bearish, bulls are waiting on the other side of this plummet, specifically between $2,800 and $3,200. This range is the monthly support level. It used to be a heavy resistance area, but bulls breached it in August 2017 and retested it in September 2017.
Bitcoin 1M chart
Also in September 2017, the swing to a low of $3,000 was immediately rejected, hence the monthly hammer candle.