BTC - The bottom is not in, it is going to zero!
Updated
Yeah I know. I just needed to catch your eye :)
Well, I don't really think that. I just think that it is too soon to call the bottom yet. There is just one single thing holding our "bottom" now - 200 weekly SMA. But on top of that, the similarity of 2014-2015 bear market is undeniable.
The problem is, that almost everybody thinks that. I see "hey look, this sure is the bottom!" charts, typically a log like the one above, literally everywhere. TV, YT, "news"... I am seeing the same chart over and over again. People are unbelievably bullish, that is funny to say in this strong bear market. I don't think I have to elaborate what happens, when majority is expecting something to happen...
But talking about similarities, let's look at something:
Seems familiar?
Doesn't seem too bullish now does it...
But it's okay, you can compare it to this one too:
Just final thoughts... I wouldn't be too excited about the bottom yet. Can it pump to $5000? $6000?? Maybe...If it gets there, what do you think will happen? What will people who bought near $6000, thinking that was the bottom do?
Several months of consolidation and I will change my mind. And even if this is the bottom, It is likely that we will test $3000 again AT LEAST.
Well, I don't really think that. I just think that it is too soon to call the bottom yet. There is just one single thing holding our "bottom" now - 200 weekly SMA. But on top of that, the similarity of 2014-2015 bear market is undeniable.
The problem is, that almost everybody thinks that. I see "hey look, this sure is the bottom!" charts, typically a log like the one above, literally everywhere. TV, YT, "news"... I am seeing the same chart over and over again. People are unbelievably bullish, that is funny to say in this strong bear market. I don't think I have to elaborate what happens, when majority is expecting something to happen...
But talking about similarities, let's look at something:
Seems familiar?
Doesn't seem too bullish now does it...
But it's okay, you can compare it to this one too:
Just final thoughts... I wouldn't be too excited about the bottom yet. Can it pump to $5000? $6000?? Maybe...If it gets there, what do you think will happen? What will people who bought near $6000, thinking that was the bottom do?
Several months of consolidation and I will change my mind. And even if this is the bottom, It is likely that we will test $3000 again AT LEAST.
Note
I noticed yet another thing yesterday. Most of the alts are at top levels in long interest. Which just adds to overly bullish sentiment in this market.Certainly not a time to be exposed too much on long trades, especially high leveraged ones.
And just one funny thing, when I opened TV yesterday, the very first thing that popped on top ideas was... wait for it... yes, the notorious BTC cycle log chart :D
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.