Bitcoin notches it’s largest weekly volume candle recorded in history on Coinbase. Over 400,000 BTC traded! Additionally, first weekly close under the 1.618 fib at $18,300. Price was anchored to that fib until FTX went tits up, and now the bulls have lost the 1.618 fib. That should be the trapdoor opening for lower BTC prices.
Price has respected the .236 fib and the median line of the pitchfork during this BTC bear market. I think the bottom will happen when price, pitchfork, and grey area intersect ($9,000-$12,000). Tons of confluence between the 100M MA, support, heavy volume traded, VPOC’s, golden pocket, fibs. I wasn’t in crypto during the last bear market, but apparently, people were calling for $1,000 and never got it. Seems today, everyone is calling for $10,000 which means 1 of 2 things imo, 1) Bitcoin bottom will fall short of $10,000. 2) Bitcoin bottom will touch $10,000 and massively overshoot it to flush out retail. Bitcoin bear markets have often seen 80% price declines, so BTC should at least go to $13,800.
On a side note: Apparently, Sam Bankman Fried had ties with the World Economic Forum presenting at their annual WEF meeting. The theme of WEF 2022 was “Working Together, Restoring Trust”. Ironic. Just like how everything King Midas touches turns to Gold, everything the World Economic Forum touches turns into a flaming hot pile of dog poop.
Price has respected the .236 fib and the median line of the pitchfork during this BTC bear market. I think the bottom will happen when price, pitchfork, and grey area intersect ($9,000-$12,000). Tons of confluence between the 100M MA, support, heavy volume traded, VPOC’s, golden pocket, fibs. I wasn’t in crypto during the last bear market, but apparently, people were calling for $1,000 and never got it. Seems today, everyone is calling for $10,000 which means 1 of 2 things imo, 1) Bitcoin bottom will fall short of $10,000. 2) Bitcoin bottom will touch $10,000 and massively overshoot it to flush out retail. Bitcoin bear markets have often seen 80% price declines, so BTC should at least go to $13,800.
On a side note: Apparently, Sam Bankman Fried had ties with the World Economic Forum presenting at their annual WEF meeting. The theme of WEF 2022 was “Working Together, Restoring Trust”. Ironic. Just like how everything King Midas touches turns to Gold, everything the World Economic Forum touches turns into a flaming hot pile of dog poop.