Yeah I know. I just needed to catch your eye :)
Well, I don't really think that. I just think that it is too soon to call the bottom yet. There is just one single thing holding our "bottom" now - 200 weekly SMA. But on top of that, the similarity of 2014-2015 bear market is undeniable.
The problem is, that almost everybody thinks that. I see "hey look, this sure is the bottom!" charts, typically a log like the one above, literally everywhere. TV, YT, "news"... I am seeing the same chart over and over again. People are unbelievably bullish, that is funny to say in this strong bear market. I don't think I have to elaborate what happens, when majority is expecting something to happen...
But talking about similarities, let's look at something:
Seems familiar?
Doesn't seem too bullish now does it...
But it's okay, you can compare it to this one too:
Just final thoughts... I wouldn't be too excited about the bottom yet. Can it pump to $5000? $6000?? Maybe...If it gets there, what do you think will happen? What will people who bought near $6000, thinking that was the bottom do?
Several months of consolidation and I will change my mind. And even if this is the bottom, It is likely that we will test $3000 again AT LEAST.
Well, I don't really think that. I just think that it is too soon to call the bottom yet. There is just one single thing holding our "bottom" now - 200 weekly SMA. But on top of that, the similarity of 2014-2015 bear market is undeniable.
The problem is, that almost everybody thinks that. I see "hey look, this sure is the bottom!" charts, typically a log like the one above, literally everywhere. TV, YT, "news"... I am seeing the same chart over and over again. People are unbelievably bullish, that is funny to say in this strong bear market. I don't think I have to elaborate what happens, when majority is expecting something to happen...
But talking about similarities, let's look at something:
Doesn't seem too bullish now does it...
But it's okay, you can compare it to this one too:
Just final thoughts... I wouldn't be too excited about the bottom yet. Can it pump to $5000? $6000?? Maybe...If it gets there, what do you think will happen? What will people who bought near $6000, thinking that was the bottom do?
Several months of consolidation and I will change my mind. And even if this is the bottom, It is likely that we will test $3000 again AT LEAST.
Certainly not a time to be exposed too much on long trades, especially high leveraged ones.
And just one funny thing, when I opened TV yesterday, the very first thing that popped on top ideas was... wait for it... yes, the notorious BTC cycle log chart :D