Maybe I'm wrong, but I'm honestly not sure how someone can look at this chart and not think there is major potential downside in at least visiting this new MA. Especially combined with the economic situation, massive bubble pop, low faith in crypto, everything seems straight up awful. This is now in combination with the idea that everyone has where the most fearful time is the best time to buy, when everyone thinks like this now, I doubt the value of it now, people are skeptical of selling anything regardless of fundamentals because "well in the past it was low and people were scared and then it went up!". Yeah no shit, we don't live in that world anymore, if everyone was genuinely fearful I would buy it, but they aren't. Everyone's brains has this idea that crypto will eventually 100% rebound and it's just a matter of holding BTC until the next cycle, the fact that the majority believes this is a MAJOR difference between attitudes in previous cycles. I hope I'm wrong tbh, but it kinda just seems like the mega bull days of btc are over.
Comment:
Interesting to reflect on as a trader, in hindsight I should've accepted the possibility of a trendline retest. Now that we're here, a reclaim of trendline and to the highs like in previous cycles would indicate near $120,000 top. Otherwise potential for rejection of trendline exists which would not be ideal for btc