Fear not! The buyers are strong. There is significant buying interest at these levels. "Stopping volume" as I call it--see how spikes in volume tend to stop moves either to the upside or downside?
Move will soon reverse, and more importantly, bull market will resume because the selling pressure is becoming exhausted, and all those who are waiting for entry plus those who thought price was going lower will have to purchase at higher levels if they want to get on the train.
According to my time cycle chart, we still have a little less than a year until peak price. (see related idea). Plus according to many sources including the Plan B "stock to flow" price model, 100-200K is still the run's target peak. Here's a real-time example--we're right on schedule! digitalik.net/btc
Professional traders need people to become fearful of further declines and dump at these levels, so they can buy with a longer-term time horizon. Otherwise they cannot re-accumulate positions without driving the price up to their determent. The buying interest around the 30K area--shown by the volume--is the writing on the wall, the footprints in the sand so to speak.
The factors which make BTC a sound investment haven't dissipated!--Massive fiat stimulus continues.
Move will soon reverse, and more importantly, bull market will resume because the selling pressure is becoming exhausted, and all those who are waiting for entry plus those who thought price was going lower will have to purchase at higher levels if they want to get on the train.
According to my time cycle chart, we still have a little less than a year until peak price. (see related idea). Plus according to many sources including the Plan B "stock to flow" price model, 100-200K is still the run's target peak. Here's a real-time example--we're right on schedule! digitalik.net/btc
Professional traders need people to become fearful of further declines and dump at these levels, so they can buy with a longer-term time horizon. Otherwise they cannot re-accumulate positions without driving the price up to their determent. The buying interest around the 30K area--shown by the volume--is the writing on the wall, the footprints in the sand so to speak.
The factors which make BTC a sound investment haven't dissipated!--Massive fiat stimulus continues.
Comment:
After some rest, next stop upper purple trend line
