DennisLeeBTC

BTC inverse perspective

Just some food for thought. Seems like the bottom is near or already behind us. Correction is rapidly running out of steam.
Comment: Before you go accusing me of being a bulltard, this is an exercise I use to help remove bias and emotion. I believe in a market as difficult with this, becoming too married to one idea is the most dangerous thing you can do. My current outlook is neutral/short term bearish. But on the mid-long term I am certainly bullish.

One thing to keep note of is that a lot of the bearish sentiments you're hearing are from people who sold the bottom and are now sitting in cash waiting/praying for their next opportunity to jump in. That alone should tell you that we will never make it quite as low as they hope. Conversely there are a lot of people who bought the top and haven't sold yet. They will be waiting to dump for breakeven if we are able to move higher.


https://s3.amazonaws.com/tradingview/sna...

lel...
Comment: Broke trendline support. Next support zone is pretty wide 5.5 to 6.3k Given current selling pressure it will be difficult for us to break below that, but who knows there could be surprise fud or manipulation to push us below. Barring that we are in an accumulation zone below 6.4k. This will be a difficult zone to trade, because the potential downside and upside are huge but the price action is unpredictable. Expect a lot of downside tests with weak failed rallies until we break out of the range.

Below 5.5, next target would be 4.8, then 3k