Bitcoin - What a Bull Scenario Will Actually Look Like
They want your coins because whoever controls supply controls the future. But they're also bound by a razor wherein destroying their market destroys themselves.
July and August's extended "bearishness" followed a similar, albeit less exaggerated version of the pattern Bitcoin has followed since 20k.
In the end, it formed a and broke through major supports before bouncing dramatically and continuing the moon mission.
The problem with this in terms of applying it to today's situation is that it happened during the earlier periods of a large bull run. RSIs, , and position of price action relative to the are completely different.
This is also the wrong side of the market cycle, unless you are making the assumption that this is merely one giant dip inside of an even bigger, or perhaps final, move up.
That being said, Bitcoin 10x'd in price since July and became a considerably more mature market controlled by considerably more clever makers.
The simple of buy, and especially sell pressure, caused from the spike in adoption, can also account for these differences without it breaking the "bull" trend of larger time-frame fractals.
Struggle bus bouncing to $7,500 is _not_ . It's .
Once you capitulate, the bull run is back.
The algos and Chads will take all the supply below 6k there is.
When the bottom is in, it will be gone in literally minutes.
And this time, what will happen to shitcoins?
Stop the Organ Harvesting Persecution of Falun Gong Practitioners by the Chinese Communist Party
600MM contracts of open interest on Bitmex is pretty much where we were at at 11k and 9k dumpsters.
Yet, price is $7500, hourly volume is very low, and everyone is geared up and ready to go for the next moon.
Happy June, friends.
In my opinion the last ~9 hours have confirmed this isn't a Bart stoprun/dump.
7500 is not a buy the dip zone, unfortunately.
You've been told to buy for moon, but even May support is now a long ways away.
Short it on Mex in my signature below.
Imagine this wasn't Bitcoin for lambo and moon.
Does that daily look like a long to you?
Mex up to 700 million contracts open interest. More than we had at 12k and 10k dumps.
Short it with the ref link in my signature.
How faux pas is this post if moon now?
Do you really think it's going to double bottom?
Everything is very complicated, but ultimately I think this whole thing is a supply run.