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.
