BitcoinLong
BTC - Reversal happened months ago!
This might be overly optimistic and slightly baseless, but it's just an observation.
So I saw this image (i.imgur.com/tangYfj.png) made in this comment (reddit.com/r/CryptoCurrency/comments/8cg16o/the_bulls_are_back_in_town_markets_rise_to_333/dxeu413/) on reddit, expressing skepticism at all the 'bulls are back' sentiment. While I do agree that it's possible and think that people do get stuck in these patterns of thinking, I just noticed something that looked kind of familiar to me..
I remember seeing this sort of thing a few times in the past, after downtrends like this. It *appears* as though the downtrend has remained intact (though in this case the downtrend *was* broken, the pink line is a revised downtrend), but after a while it becomes obvious that there has actually been a general slow recovery for a while. I might be crazy but I do remember a similar thing happening in past reversals. Only in hindsight did it turn out that the real reversal or low-point had already occurred weeks previously.
A similar thing happened during the last downtrend after BTC's $4900 ATH (obviously not a perfect comparison but I do remember having the same thought around that time, and I ended up being correct). During a certain time, it seemed as though the downtrend was intact, but in hindsight, we were already well on our way back up..
Bitcoin is up nearly 30% since the early February low point of around $6000 for BTC. I'm not saying this proves anything or is any kind of sure sign or whatever. But in perspective, it's entirely possible that the real low point/reversal happened 2 and a half months ago.
So I saw this image (i.imgur.com/tangYfj.png) made in this comment (reddit.com/r/CryptoCurrency/comments/8cg16o/the_bulls_are_back_in_town_markets_rise_to_333/dxeu413/) on reddit, expressing skepticism at all the 'bulls are back' sentiment. While I do agree that it's possible and think that people do get stuck in these patterns of thinking, I just noticed something that looked kind of familiar to me..
I remember seeing this sort of thing a few times in the past, after downtrends like this. It *appears* as though the downtrend has remained intact (though in this case the downtrend *was* broken, the pink line is a revised downtrend), but after a while it becomes obvious that there has actually been a general slow recovery for a while. I might be crazy but I do remember a similar thing happening in past reversals. Only in hindsight did it turn out that the real reversal or low-point had already occurred weeks previously.
A similar thing happened during the last downtrend after BTC's $4900 ATH (obviously not a perfect comparison but I do remember having the same thought around that time, and I ended up being correct). During a certain time, it seemed as though the downtrend was intact, but in hindsight, we were already well on our way back up..
Bitcoin is up nearly 30% since the early February low point of around $6000 for BTC. I'm not saying this proves anything or is any kind of sure sign or whatever. But in perspective, it's entirely possible that the real low point/reversal happened 2 and a half months ago.
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.