BTCUSDAs a bitcoin trader with experience of more than 6 years I remember many corrections and bottoms. During such events I was scrolling through many sites to understand market sentiment and almost everytime bottom was coming I got a feeling inside myself that something big happens and that we're getting to T-junction where we will be close to something irreversible (bitcoin's dead for real). Massive panic or signs of it began to take place even among experienced traders and persistent holders. Such event must make them doubtful and concerned about their strategy and decision. This is what I felt bitcoin bottoms were like. Continuous corrections or let's say bear trends in bitcoin never ended up with a simple setup we've got now. So I think we haven't yet passed this capitulation part of our trip. We've got to see bitcointalk, reddit threads filled with - "BITCOIN'S SCUM", "BITCOIN'S DEAD", etc... So I bet we will once again see loooong panic candle with a big wick as a cherry on the top of our >1year bear journey.Such candle usually breaks significant support level but doesn't close below it and it's followed by confident bullish bounce. So look for strong support and psychological levels by breaking which herd will capitulate. That will be the sign that the place where buyers will begin to outweigh sellers is close...
So that's a pile of evident things and my observations that I felt worth to remind and to tell.
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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.