take a look at what happened when BTC price approached the long term trendline in june of 2017 prior to the epic bull run.
Comment:
buckle up, should be an epic fight here...
Comment:
exactly 40% now. bulls nowhere to be found at the moment.
Comment:
>50%. this tops any correction from the prior bull run. need to go all the way back to 2013 where there were a number of retracements >50%. back then, the market cap was 1000x smaller than it is now, so naturally impulses/corrections were more abrupt and more pronounced. this behemoth moves a lot slower than it used to (hard to believe).
(1) i've been eyeing this $42k-$43k support level since we topped last month (see 4/19 BTC idea, i don't have it linked). it's a strong level. 3x buy pressure picks up right where 3x short pressure drops off. i don't think there are many traders who believe price will drop below $20k, so there's a strong case for 2x longs anywhere below $40k. yes there's a fair share of FUD in the air, but i don't see bears winning this one.
(2) big picture, i think the upside far outweighs the downside here. the most likely bearish scenario is -25% to -50% before the end of this year. but the bullish scenario is +200%. i'll take that bet.