Sentiment exactly the same as in 2018 when BTC dropped from $6000 to $3000. Everyone was expecting lower prices, sentiment was very negative, and the fear factor was at extreme fear. Same as this year.
That is exactly what institutions want you to think, and force you to sell so they can buy BTC at lower prices. These conditions are perfect for a bottom at 78,6 retrace from the previous high.
Fractal is very similar although there is one thing that is a bit of scale. ABC drop (capitulation) could be over, but when you are looking the fractal on a bigger time frame as daily, you can compare these fractals and see that ABC from this drop is significantly smaller. so that could be a fractal inside the fractal, meaning that we could still be in ABC, but BTC haven't finished C wave to the downside and maybe C is only starting, and we could see one more wave down.
That is exactly what institutions want you to think, and force you to sell so they can buy BTC at lower prices. These conditions are perfect for a bottom at 78,6 retrace from the previous high.
Fractal is very similar although there is one thing that is a bit of scale. ABC drop (capitulation) could be over, but when you are looking the fractal on a bigger time frame as daily, you can compare these fractals and see that ABC from this drop is significantly smaller. so that could be a fractal inside the fractal, meaning that we could still be in ABC, but BTC haven't finished C wave to the downside and maybe C is only starting, and we could see one more wave down.
Comment:
Comment:
If you check my analysis from 2018, I was very bullish at 3500, and BTC actually bottomed, and some signals were there like weekly bullish divergences like we have now in 2022. If you read the comments from my analysis you can feel the sentiment is very bearish, the same as today, and the public is convinced that we will see lower prices. Exactly right sentiment I expect to see around bottoms. Although I gotta admit that in 2018 bottom I could feel anger stage in the market, but I cannot say the same for this year.