BTC ranging: don't try to pick bottoms, bears are still hungry.
I thought I'd quickly warn people about the actual aspect of the current TA since I'm seeing so many people calling a bottom. By the way, that dark blue in those text bubbles looks awful, sorry about that! lol. Anyway, what we have right here is not a double, triple, quadruple or in fact any kind of bottom you might imagine; actually I, just my opinion, think that it's not a bottom at all. Before rushing to any kind of stupid fancy indicator, I simply look at a couple of things after that crash:
- Does the selling pressure look exhausted after the previous local low (25k)? Yes, and no. Yes, temporarily, and that's why the market has been ranging in order to decide the next direction it's headed.
- Does it look like last January's bottom? Clearly not, right? After the selling pressure was exhausted, the demand started building up with obvious support from big money, making higher lows and higher highs consistently. Do we have this right now? No, in fact we have a very clean range of equal highs and equal lows.
- So... it's a not a bottom? No. My opinion. I mean, look at the price action since the crash, and then look at the volume. Is the big money here present ready to defend the current level, and aim for the moon? I don't think so. It's quite obvious.