By many accounts Bitcoin is not out of the woods and has a lot further to fall before any glimmer of a recovery or trend reversal is to be seen. A number of indicators have been used to get as accurate a price prediction as possible but the overall trend line is usually the most reliable.
Yesterday’s $7 billion dump has strengthened the long term trend and its downward march will continue into 2019. Bitcoin has been overwhelmed by resistance walls at both $4,000 then $3,600 so far this year and has failed to overcome them after a couple of weeks trying at both levels. Its next support zone is around $3,200, which also formed its lowest level of 2018 in mid-December.