Bitcoin's price distribution is still compressing. It will take roughly a week for bullish (or bearish ) moves to truly be supported by price mass on the shorter timeframes. This is actually the tightest we've seen the distribution all year on the four hour chart, once it starts expanding again we'll see a brief return of price volatility . Do note that the 50 MA subset distribution is heavily weighted to the negative on the daily chart and any break below the relevant mean period volatility could cause significant, medium term net negative selling. If the price mass is still decreasing, why would upward moves be supported without the people who are capable of covering the shorts being on board for long term sustainable growth? (And they're not, due to the continued, long term compression of the distribution.) Show me net positive short term volume , and then I can jump on the meme reverse head and shoulders patterns we see on tradingview right now.
The left side is Bitcoin.
The right side is the dot com bubble.
Really the fact that they're different asset classes doesn't matter, charts are just visual representations of market expectations and both charts reflect the fear and uncertainty that comes from a crash.
Yes, these are different time frames but we should all know bitcoin is extraordinarily volatile.
Bitcoin was a bubble, the bubble popped. As you can imagine, the Nasdaq composite has shot up in value far above the highs set during the dot com bubble.
Just wait for the distribution to compress before taking any bullish positions.
My expected trading range for bitcoin over the next year is 4,000 to 9,500.