BTC has been breaking through every support in this bear market, now we have FTX contagion and the question is where will we bottom?
Going back in time to previous bear markets ive noticed the "final trend". Drawn in black, this is where bitcoin has consistently found its bottom at 1,8k in 2017, 3,1k in 2018 and 3,8k in 2020. At time of writing that final stand point sits at 7,5k in 2022...
Currently hovering at 16k as possible support, lower supports range from 9,5k to 14k before the final trend is in sight.
A loss of that trend would be absolutely deadly, do you think we can go low enough to revisit it? I hope not, if it however means that we start a new cycle, then lets just get it over and done with.
That's the trendline I've been following and I believe it is the place where BTC will come back to rest again. Why? Because the talking heads have denied for months now that we'd ever see BTC again below 10k. It's wash rinse repeat for the whales and the small fish are falling for it once again. I'm looking for deep flash wicks down to the 5-6k range as well.