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1/ It is amazing how overwhelmingly bearish everyone is about the $BTC market right now considering we haven’t even dropped below $10k.
I’m not saying it won‘t happen, but I still don’t think we are anywhere close to the top as I explained here.
I’m not saying it won‘t happen, but I still don’t think we are anywhere close to the top as I explained here.
2/ In my opinion we are in a re-accumulation area that began after we were rejected at the 0.618 fibonacci retracement at $13.8k. I have seen a lot of calls for $8k or lower. I just don’t see it happening. The market is not supposed to be that easy.
3/ Imagine how many people waiting on the sidelines for $8k or lower will have to buy back in as soon as the price breaks above $13k again.
4/ Despite the insane volatility there are not a lot of sellers at these price levels. If you bought at $3k or lower, why would you cash out now if you believe the price could go much higher?
5/ Remember that most of the buyers during this rally were institutional buyers and traders. Retail has not really been involved. If this is a markup phase then institutional buyers are not going to be selling until retail buyers begin to FOMO in.
6/ What we are likely seeing is artificial liquidity pools being created by big players and whales. How do you accumulate when no one is selling? You run bots to trigger stops and liquidate high leverage positions. That is what all the barts are about. @majinsayan
7/ About the meme that the market structure looks like the 2017 bubble pop. I think it looks more like the correction from $1300 to $900 at the beginning of the 2017 bull market. 
8/ Notice how the 2017 correction broke below the 50 day moving average then retested it again from above. If the daily candle today closes above (around $10,150) and we get a bounce tomorrow then I wouldn’t be surprised to see similar price action.
9/ Obviously, I can‘t predict the future, and maybe I have inhaled too much hopium, but I am one of the few people who is expecting a bullish continuation here.
… And it looks like I was completely wrong 😭
We will see how the day ends, but not looking good right now
We will see how the day ends, but not looking good right now
Oh well. Let’s see if sentiment shifts after CME futures expiration on Friday.
