Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
⋅
We are at the top level of the bottom, where there was an accumulation and we do not see a reset. There are a lot of examples of the bottom when the bottom base test and then immediately jumps up.
Did you see this falling? Is Bitcoin dead? Many people wrote to me about this fall. one of the indicators for me is the crypto index of fear and greed - now is 17 point alternative.me/crypto/fear-and-greed-index/ It means: "Buy when there's blood in the streets, even if the blood is your own."
Agreed - when in doubt, zoom all the way out. A break for 7.5k to the downside would be a break of a 10-year trend line. Also interesting to see short position rocket up. Every time the heard increase short position, price action rallies upward,
MachineMatrix
⋅
@without_worries, Other Markets are losing the worst since 2008 why is this any different.?
without_worries
⋅
@IamDobby, Good question. Crypto has been in a bear market these past two years, stocks have not. Randomly I've selected the Nasdaq, gains are unmatched in Crypto. Same can be said of S&P 500, or UK FTSE 100. If these markets were related their behaviour would surely be equally matched.
convoluted
⋅
@IamDobby, Because this is crypto,not other markets. Bitcoin is literally designed to be deflationary and its essentially digital gold.
dysangel
⋅
@without_worries, the 10 year uptrend line is down more in the region of 3-5k just now. Can't get that much history here on tradingview though, at least not on the BTC pairs I tried
bloodgood
⋅
@dysangel, depends on which exchange you use.
Bitstamp & Kraken are from 2011. Others are younger.
@dysangel, My 10-year trend line of monthly support & resistance on the BLX is around 7.5k.
dysangel
⋅
@without_worries, that's a log chart so those lines you've drawn are actually exponential curves. That might be ok if your lower line was actually linking bottom to bottom rather than going straight through the price in places. The price has repeatedly broken under any straight line of the bottoms that you could draw on that chart so clearly the lower end is curving down rather than a straight line