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thread: Ok I have long thought that $BTC needed a long accumulation period before reversal. We saw this for the recent pushes up, with accumulation periods lasting anywhere from 1.5 months to ~4 months. This has led to decent gains after.
thread: Ok I have long thought that $BTC needed a long accumulation period before reversal. We saw this for the recent pushes up, with accumulation periods lasting anywhere from 1.5 months to ~4 months. This has led to decent gains after.
$XBT isn't a 20 sat shitcoin. It requires a lot more $ to move this market than a pump and dump. Big players have to get their positions and suppress price for a while (generally).
Full reversals generally come in 2 forms: V shaped reversals (think altseason 2017) or rounded bottom accumulations (C&H, etc). Check $ETH out ($BTC pair)- this is a V shaped reversal. The accumulation patterns are ones that btc usually has lately.
That being said, I must be flexible in my view. What if BTC is experiencing a V shaped reversal? Of course it's too early to tell rn and given the overall global market conditions, I personally think this is unlikely. TA wise, legacy markets wise, this just tells me no chance...
That being said, there's a ton of volume coming in lately w. huge red candles. Those are generally signs of bottoms forming.
Is BTC forming a bottom? IMO it's unlikely...but I must be willing to change my bias. Closely watching the next few weeks and the 1M close here.
Is BTC forming a bottom? IMO it's unlikely...but I must be willing to change my bias. Closely watching the next few weeks and the 1M close here.
A V shaped reversal for BTC would look something like this IMO: More buy volume follow up, smashing some higher TF levels above, etc. Perhaps big players are filling their positions now; I don't have a footprint chart available.
The last time I could maybe see a V shaped reversal is back in 2017 and the charts don't really look similar IMO. BTC was still uptrending at that point. Big shakeout followed by a quick reversal. Probably not relevant nor valid.
Again, I don't think that BTC is going to have a V shaped reversal rn...but I'm willing to think about it. In #crypto, everything and anything is possible IMO. Accumulation is more likely.
I'd like to thank a few guys for helping me open up my overall bias and think about the possibilities the past few days. Please follow them for excellent analysis. @inmortalcrypto
@TheCryptoDog
@TheCryptoFam
@TheCryptoDog
@TheCryptoFam
