Capitulation! Bitcoin Buy #2 filled. Long

Bitcoin all time history indexINDEX

Description

⋅ May 19, 2021 1:44 PM

Bitcoin bagholders and gamblers are running for the exits again.
All are selling at the same time and the price collapsed very fast.

Not much new to say. Let's look once again at past examples. A few pictures are worth a few thousand words.

Capitulation of "the bull market is back", the price was down 40% in a single day

We can put the 1 hour charts side to side:

Next, more recently we can look at the big red candle that eliminated the last 2018-2019 permabull survivors.

September 2017

The last big bear market

At best a mega rally, at worst 1 year to exit the position with a small win? Yes please. Why would this time be different?

2016-2017...

You wished you bought at $200.

I don't know what this is, but the selling again is very very fast as opposed to the buying & bagholding

Even 2011...

Each time of course the volume peaked, no point showing it, sometimes a bit sometimes a lot.

It's a miracle! Kraken is responding I was able to buy.

You might want to wait for the big green reversal candle before buying, or buy some now, and buy more with the green candle.

Comment

⋅ May 19, 2021 5:57 PM

Bounce & hold as it often did in the past.

Is there something about Bitcoin in may? "Sell in may and go away (and miss out the bubble)"?

Comments

BMLemon

⋅ May 19, 2021 2:03 PM

This not capitulation. Capitulation occurs at the bottom of a cycle, not the top. This is the end of a cycle because rhetoric became too strong and people got too silly.

CC_FX

⋅ May 19, 2021 4:15 PM

I would wait a few more days before entering a long, at least a sign of reversal, there's still the possibility to see it reach previous ATH, at around 20 K.

I told you we're going to see it trade below 35K, back then you're skeptical.

Nevertheless, I think next week facebook is going to pump BTC at their council meeting

MrRenev

⋅ May 19, 2021 5:07 PM

@CC_FX, Of course I'm always skeptical of everything. With trollcoin I can't really tell with good certitude when there is bottom before I see what could be a capitulation candle.
I am glad the flush happened and hopefully it is over now.