nicknacknick

BTC "Psychology of a Market Cycle" -- Don't be bullish too quick

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
The daily chart of BTCUSD looks almost identical to the well-known "Psychology of a Market Cycle" graph. This graph shows the steps from optimism to thrill to Euphoria, and then the drop back to anxiety, denial, panic. This chart aligns almost perfectly with the BTC daily chart . As people are anxious, they are forcing themselves to believe that we will recover, only while the chart says otherwise.
Comment: Please keep in mind the prices of the levels are not actual predictions. I am outlining a chart structure idea. My honest guess for the "anger" area in terms of price would be around $10k.

I have also posted a bullish sentiment analysis on my profile, as I have a neutral stance on BTC.

Thank you!

Comments

Did you sell BTC too early?
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@BurakB_ yes, yes he did
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@BurakB_, I do not own any BTC. But the coin does affect the overall market. As always I am DCA'ing into alts.
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BurakB_ nicknacknick
@nicknacknick, This year 9k is your prediction. OK...
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That's a nice idea. although IDK whether we rise from here or whether that's just a dead cat bounce, but I definitely agree that I see a lot of denial at the current price.
I also suspect that institutions accumulate BTC right now (wychoff accumulation phase), And they might also help the price pump.
I believe that if we break below 30K-40K consolidation zone we might see momentum to the downside, But if we close on the 1D TF above the 40K we might see bullish pressure
+1 Reply
nicknacknick sunshine832
@sunshine832, I absolutely agree with you. I believe we need to break the daily 200 EMA first to see some actual upside momentum to get us out of this ditch first.
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If you read most comments on bearish scenarios like this one, they are filled with "Denial" and "Complacency", which makes me thinks this is the probably outcome :D
+1 Reply
sunshine832 mongo1337
@mongo1337, That's just what I thought
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BTC to -824 usd, nice...
+1 Reply