The crypto market is selling off. We are now searching for a new bottom in Bitcoin and by extension the entire Crypto market.
We think this low volatility is signaling a bottom, but if the key $5800 level is breached on Bitcoin (the market leader) then there will be more pain ahead. Luckily for the bulls that seems unlikely as the fundamental story continues to improve on a weekly basis.- Coin Savage Weekly Update (11.13.18)
The key support level at $5800 was breached. Then the next level at $4900 was breached. Early this morning Bitcoin bounced higher off $4200, this level represents longer term support.
If Bitcoin can push above $4900 by the end of today then this would represent a capitulatory reversal, and signal the final end of the 2018 Bear market.
Bull markets die in parabolic moves higher. Bear markets die in capitulatory flushes lower.