Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
If $33k already was the "capitulation", it was reached pretty early. Uncomfirmed, yet showing noticeable sell volume.
Feels bullish somehow.
Have a good #hodlsleep.
Feels bullish somehow.
Have a good #hodlsleep.
I don't know how you would presume early?
We have had nearly three months of down.. and for sure at some point it is going to need to stop, whether we see some kind of traditional reversal or something more whimpy. That $33k that you mention represents a bit over a 52% correction.. that has been followed by an earlier 56% correction.. so that surely seems like enough down for me, and I see no reason that we need to have any kind of capitulation in order for the momentum to resume UPpity... sure anything can happen, but we do not have to have "down before up."
In other words, there does not have to be capitulation for the bottom to be "in" - even though some peeps do appreciate a more clear sign that the bottom is "in" but that is NOT always how price dynamics play out in bitcoinlandia.
Right, sure it's not always how price dynamics play out.
I presumed early, in terms of the ol' cycle blowoff/long lasting bear grind down like 2017-2019. The market dynamics turned nuts in 2021, china exiting, ecologic mining FUD. "This time it's different", you remember?
Either way, it would be a good level to go up from here, maybe sideways first, until investors are convinced it's "safe" to put their money onto the table (again).
Another assumption: The higher the price, the less steep the climbs. The higher the "tops", the higher the "lows". Unless no more market shaking events happen in the near future, BTC is ready to go (again) from here. SOMA, IMHO