BTC Price close to bottoming with Long Term Trend kicking in?
Been discussing this on Twitter the past period as well.
Heavy retrace from the parabolic move we've exprienced in the beginning of 2019 (well, 2019 was a wonderful year, right?).
And I do believe we're getting towards bottoming of this parabolic move rather than accelerating at this point.
The sentiment is getting salty and extremely bearish. People are leaving the market (there's no sign of 2017 momentum at all), which means that we could be experiencing a period similar to the one prior to the halving in 2016, which makes this period December '15 / January '16. More charts to come about that.
Aside from that belief, I'm expecting that we're seeing a longer market cycle than we used to see in which this retracement took longer as well.
Does that mean that we can't see a certain explosion as we've seen in 2017? Off course, we will. But it will take some longer time than the past cycle. Cycles tend to take longer the more they mature. 2014 peak took 2 years, 2017/2018 cycle took 4 years and now we're probably aiming to see a cycle of 6 years or so.
Golden pocket Fibonacci region holding here, similar to last cycle.
Significant support area.
Long term trendline and trendline from beginning this year kicking in.
Don't think looking for longs in the $6-thousands region is a bad thing to do, R/R wise. Especially not with the halving coming up.
Heavy retrace from the parabolic move we've exprienced in the beginning of 2019 (well, 2019 was a wonderful year, right?).
And I do believe we're getting towards bottoming of this parabolic move rather than accelerating at this point.
The sentiment is getting salty and extremely bearish. People are leaving the market (there's no sign of 2017 momentum at all), which means that we could be experiencing a period similar to the one prior to the halving in 2016, which makes this period December '15 / January '16. More charts to come about that.
Aside from that belief, I'm expecting that we're seeing a longer market cycle than we used to see in which this retracement took longer as well.
Does that mean that we can't see a certain explosion as we've seen in 2017? Off course, we will. But it will take some longer time than the past cycle. Cycles tend to take longer the more they mature. 2014 peak took 2 years, 2017/2018 cycle took 4 years and now we're probably aiming to see a cycle of 6 years or so.
Golden pocket Fibonacci region holding here, similar to last cycle.
Significant support area.
Long term trendline and trendline from beginning this year kicking in.
Don't think looking for longs in the $6-thousands region is a bad thing to do, R/R wise. Especially not with the halving coming up.