Re: Extrapolating 2014 Correction: Could $6,500 Be The Low For Bitcoin?
⭐ Merited by JayJuanGee (1)
Was $6,500 the swing low or does it look like we will go lower? I still see no evidence as to why we would break these lows, based on current probabilities.
Without regurgitating the same analysis as VPVR Part 1, that is based on a similar accumulation zone as the above chart, here is that updated TA:
Furthermore, if the Fear & Greed Index is anything to go by (it usually is), this confirms that accumulating at current prices is not only within the long-term accumulation zone, but additionally at current oversold conditions, it would be doing so when the market is experiencing extreme fear, hence my relative greed right now. "Be greedy and others are fearful", from the infamous Bitcoin critic Warren Buffet.
Without regurgitating the same analysis as VPVR Part 1, that is based on a similar accumulation zone as the above chart, here is that updated TA:
Despite many people believing Bitcoin wouldn't return to this accumulation zone, we have now re-entered these price levels after briefly leaving this zone of suport.
Needless to say, I believe current prices are within the long-term macro accumulation levels, with $5.9K being the floor of this support. For all those who missed the accumulation zone last year, I believe the current sell off has provided us with another great opportunity to acquire Bitcoin at very reasonable prices. Furthermore, it's unsurprisingly that shorter-term bearish speculation has sold the top or this accumulation range (the break below $8,630), in order to buy back at the lower levels of the range. However, similar to last year, I find it unlikely that Bitcoin will reach the bottom of this accumulation zone, or lower lows than $6.4K, given the increasing volume support if prices continue to move lower.
"Everything is fine". BTFD
Needless to say, I believe current prices are within the long-term macro accumulation levels, with $5.9K being the floor of this support. For all those who missed the accumulation zone last year, I believe the current sell off has provided us with another great opportunity to acquire Bitcoin at very reasonable prices. Furthermore, it's unsurprisingly that shorter-term bearish speculation has sold the top or this accumulation range (the break below $8,630), in order to buy back at the lower levels of the range. However, similar to last year, I find it unlikely that Bitcoin will reach the bottom of this accumulation zone, or lower lows than $6.4K, given the increasing volume support if prices continue to move lower.
"Everything is fine". BTFD
Furthermore, if the Fear & Greed Index is anything to go by (it usually is), this confirms that accumulating at current prices is not only within the long-term accumulation zone, but additionally at current oversold conditions, it would be doing so when the market is experiencing extreme fear, hence my relative greed right now. "Be greedy and others are fearful", from the infamous Bitcoin critic Warren Buffet.