Looking at the 1 year daily log charts, we can clearly define the formation of a descending triangle on the BTC/USD candles. We are still very deep in a bear market. Over the next few days we'll be testing strong support at around $7,000. Any sniff of a break through ~10% past would definitely indicate a bottom of around $2,575. The bottom is charted by taking the support to all time high, and mirroring it in the opposite direction. Since there is no support besides Fib ratios in between, we are in uncharted territory and at the mercy of the news cycle to bring in new money. All the "weak" hands have fled by now, so whoever's still in the game will trade accordingly.
Any breakthrough of the trend line would be great news. A break through of the previous $10,000 peak would be even greater signal to enter a trade. You will have to keep a very close eye on the market if you're unable to set a trailing stop-loss, which I would highly recommend in this market. On top of the trailing stop loss, I would 100% recommend a hard stop loss around $7,000 give or take 10% in the down direction depending on your appetite for risk.
Be safe and good luck.
Any breakthrough of the trend line would be great news. A break through of the previous $10,000 peak would be even greater signal to enter a trade. You will have to keep a very close eye on the market if you're unable to set a trailing stop-loss, which I would highly recommend in this market. On top of the trailing stop loss, I would 100% recommend a hard stop loss around $7,000 give or take 10% in the down direction depending on your appetite for risk.
Be safe and good luck.