Bitcoin bottom is in? The B word (bottom) event
A lot of strength in this recent price action considering the following factors
- large short squeeze (all funding rates were negative)
- on chain metrics indicated a lot of accumulation
- B word event highlighting institutional interest and accumulation could result in fomo event. Interestingly since the B word event we made the 30k low and havde been climbing ever since that event.
- Sellers weren’t strong enough to follow through significant break below 30k, so it seems a lot of hodlers are not willing to sell at these low prices considering the long term potential and the buy pressure is strong at that level also.
- Support on the .5 fib trace from covid bottom 3.8k to
65K top, indicating strength and continuation.
This could be an accumulation bottom (orange fractal is the wyckoff distribution chart flipped and fitted)
We may see a slight retrace however, i would assume a lot of investors waiting for lower prices (13k-27k) may have to accept 30k-40k prices to avoid missing out on the big swing.
The analysis would be wrong if we have a break below of the 30k level with some conviction (low probability imv) however it may perhaps be encouraged by a stock market pullback should we have one (something to watch out for).
Good luck.
- large short squeeze (all funding rates were negative)
- on chain metrics indicated a lot of accumulation
- B word event highlighting institutional interest and accumulation could result in fomo event. Interestingly since the B word event we made the 30k low and havde been climbing ever since that event.
- Sellers weren’t strong enough to follow through significant break below 30k, so it seems a lot of hodlers are not willing to sell at these low prices considering the long term potential and the buy pressure is strong at that level also.
- Support on the .5 fib trace from covid bottom 3.8k to
65K top, indicating strength and continuation.This could be an accumulation bottom (orange fractal is the wyckoff distribution chart flipped and fitted)
We may see a slight retrace however, i would assume a lot of investors waiting for lower prices (13k-27k) may have to accept 30k-40k prices to avoid missing out on the big swing.
The analysis would be wrong if we have a break below of the 30k level with some conviction (low probability imv) however it may perhaps be encouraged by a stock market pullback should we have one (something to watch out for).
Good luck.
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