This exponential rise has crossed the point of no return and is likely to end with a blowoff top.
8k seems likely to liquidate shorters and for whales to take profit on their longs.
Starting to see some sell volumes but it is too early/amateur to conclude that this(7500) is the end
Just suggesting the bearish possibility. The structure is not exactly the same but similar.
Everyone thinks XRP is bound to bounce because it hasn't. Maybe it is just weak
Even as I post this idea, I want to long XRP on dip but I would rather wait for confirmation since the bearish scenario will be devastation.
Do you really want to bet your entire money that 3k, 2k, or even 1k is the bottom?
"Averaging down" doesn't fucking work if you DCA all the way up to 1k and then btc goes to $500
Looks like there's so much to go still..
Notice how everyone is bearish af on Tradingview and Twitter.
Everyone is salty, and looks to long @ 3k, 2.8k, 2k, 1k, $500
So there is definitely a bullish case here when considering sentiment.
More importantly, as the lows get taken out, there is decreasing volume as indicated in blue.
There is a shit ton of psychological support at 3k and whales could be...
I've waited for 2 months thinking there should be a drop testing the 5750 double bottom, but it didn't come for 2 fking months
Now is the time to test it, fill the gap, and the spring bounce would give me the confidence that the bottom is in.
No matter how bearish things may look, nothing changes the fact that alts are in accumulation phase.
Need a few more...
Clearly seeing selling climax in many alts followed by low volume - typical of bottom.
Whales not ready for mark-up yet, as BTC were held down at 65xx.
Need one more test of supply and shakeout as below:
While the blue circle can be considered a selling climax as it was accompanied by huge volume and a strong subsequent rally, the huge red volume bars are definitely something to consider. According to Wyckoff, in a market bottom, downward actions must have low volume. ( = selling pressure losing force)
The fact that it bounced straight up after a big-volume dump...