Thanks for all the comments, I didn't see too much in the way of disagreement that we are around the low of the bitcoin cycle so far. It would be an interesting debate though if there are those who disagree.
On this long timescale I can't rule out another drop in price, I am not saying we have seen the low (although it is possible and maybe even likely) however I still maintain this will be the region where the bottom is forming in this cycle, even if there is another leg down.
There comes a point where the weak hands have all capitulated and strong hands more reluctant to sell. The collapse of FTX and all that may have been a way to flush out many of the remaining weak hands. (As I've seen in previous cycles with the FBI seizure of Silk Road) for example,.
Thought I'd share another chart showing some evidence things may start to turn bullish. This is a 1 day chart
Please note i nearly always use Heikin Ashi style candles and price on a log scale, as in this chart here.
What I am drawing attention to is a bullish divergence where even though the price is making lower lows. The RSI Relative Strength indicator is not. This can indicate that the bearish trend reverse is on the horizon.
What do you guys think? are there more bearish things I'm missing? Or bottom is forming here ready for new bull to start?
I don't like the amount of negativity within the cryptocurrency market. The S&P and NASDAQ seem to have bounced back nicely, while bitcoin and other cryptocurrencies are breaking new bottoms. Had it not been for FTX, there probably would have been a bounce as well. Maybe it will happen with a delay when things settle down. As for your chart, it reminds me of May-July 2021 before bitcoin went to new highs.On this long timescale I can't rule out another drop in price, I am not saying we have seen the low (although it is possible and maybe even likely) however I still maintain this will be the region where the bottom is forming in this cycle, even if there is another leg down.
There comes a point where the weak hands have all capitulated and strong hands more reluctant to sell. The collapse of FTX and all that may have been a way to flush out many of the remaining weak hands. (As I've seen in previous cycles with the FBI seizure of Silk Road) for example,.
Thought I'd share another chart showing some evidence things may start to turn bullish. This is a 1 day chart
Please note i nearly always use Heikin Ashi style candles and price on a log scale, as in this chart here.
What I am drawing attention to is a bullish divergence where even though the price is making lower lows. The RSI Relative Strength indicator is not. This can indicate that the bearish trend reverse is on the horizon.
What do you guys think? are there more bearish things I'm missing? Or bottom is forming here ready for new bull to start?