And just so bulls don't forget, shorts have battled back and pushed the RSI back under the resistance for now, under the 8400 mark. Resolution of this bottoming process, whether we've reached that inflection point or not, continues to push further out during the month of May. Now bulls are hoping for June to be the month when a new bull market begins.
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I'll keep repeating this...Until we get regulatory clarity from the SEC, we won't see a major bull run. The market needs new money to enter. New money won't enter until they know the rules. Mark my words...if the SEC classifies ethereum (and other tokens) as security, we'll see a drop in bitcoin to at least $5K. If they say ethereum is NOT a security, we'll see a bull run that will make 2017 look like nothing. I don't think they'll label ETH a security, but who knows....this is uncharted territory. Anything could happen.