Forget about the bottom, Bitcoin has not even capitulated yet. Damn, I just love people and markets! How everything falls into place on its own. It's magical, unreal even how people fall for the same things over and over again. When I started trading seven years back, I was like no way this going to happen for long. I said to myself, "people are going to learn from this mistake and they'll be prepared the next time" but no, every time I saw the herd making the same mistakes over and over again. I guess markets never run out of suckers. Still, I find this so difficult to believe. Like how can this happen over and over again. Anyway, I digress. People are talking about Bitcoin having bottomed at $3,300 when it has not even capitulated yet.
You know what's perfect? I kept thinking where's the maximum pain scenario. A few weeks passed by and here we have it now. The whales pumped the price straight through $5,800-$6,000 without any hurdle. I'm not the only trader surprised by this. I know seasoned professional traders who did not see that coming. So, what did that do? It inflicted maximum pain on the bears. Imagine being short BTC right now, what would this parabolic move have done to you. It's brutal.
Now let's talk about the bulls. A few long green bars and everybody is all excited again. In fact, so excited that the sentiment has not even been this positive since the last parabolic run of 2017-18. Even the NVT ratio has never been this high in Bitcoin's entire history! Let that sink in for a minute. At a time when all of these indicators are screaming, "Sell, sell, sell" people are unconcerned. Everyone and their cousin is talking about a move to $20,000 or a new ATH by the end of the year. Imagine the maximum pain scenario when these people load up here and then the price falls to $1,800 or $1,200 in the months ahead. Yeah, it's going to be devastating but that's what we need for the trend to reverse. I've been saying this for a while now and those who have been around during 2014-15 can relate. It doesn't feel like this when the price bottoms. It feels like the end of Bitcoin. You are going to see more of "Bitcoin is dead", "the bubble popped" and the "ponzi collapsed". Be on your toes, fellow trader.
@h_btc, Nope. We're not at that stage of the cycle.
CaramelSpaceFrog
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@JefeCaan, 100% more at this stage than yours..
SpartaBTC
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There are a lot of HYIP that the bottom is passed. Read the cryptocurrency forums of 2014 at the time of the Bitcoin pamp marked on the chart. If you do not look at the date, the impression is that people do not write for 2014, but for 2019.
Jefe
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@SpartaBTC, Golden stuff, mate. Thanks for sharing.
SpartaBTC
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@JefeCaan, And thank you. I am glad that I am not alone in my opinion.
knowlton23
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It's a relief to hear more people talking sense, thanks.
Tether news comes out and suddenly it is completely ignored by everyone because of dollar signs.
This is going to be a great example to show later as to why you pay attention to absolutely everything in Crypto as it happens.
This tether fiasco is going to get a lot worse and it will in my opinion be our catalyst for lower lows.
It’s not the news, it’s not the charts, it’s not the indicators people care about. It’s dollar signs.
This is going to be a very painful lesson for both sides.