Some points i have NOT yet seen mentioned as to why we might already have bottomed.
1) Every retrace after ATH is less violent than the previous one
2) None other than Leo Melamed from CME Group said “We will regulate, make bitcoin not wild, nor wilder. We’ll tame it into a regular type instrument of trade with rules.”
This being said, it's to be expected that this retrace should be even less (which up to now it is).
3) Volume indicates bitcoin already "capitulated".
2014 and 2018 both "panic-sells" saw an average volume of at least 75% of the ATH volume (or up to 100%)
4) We are at shutdown-price (think about this .. would you let something drop under 'manufacturing price' if you could "help" it?)
5) 2014 and 2018 bottom found support on previous resistance (ORANGE) but after breaking previous support (GREEN) in very similar fashion
.. there is always a chance of another drop, but that should be very short lived and possibly not even that low (maybe double bottom?)
1) Every retrace after ATH is less violent than the previous one
2) None other than Leo Melamed from CME Group said “We will regulate, make bitcoin not wild, nor wilder. We’ll tame it into a regular type instrument of trade with rules.”
This being said, it's to be expected that this retrace should be even less (which up to now it is).
3) Volume indicates bitcoin already "capitulated".
2014 and 2018 both "panic-sells" saw an average volume of at least 75% of the ATH volume (or up to 100%)
4) We are at shutdown-price (think about this .. would you let something drop under 'manufacturing price' if you could "help" it?)
5) 2014 and 2018 bottom found support on previous resistance (ORANGE) but after breaking previous support (GREEN) in very similar fashion
.. there is always a chance of another drop, but that should be very short lived and possibly not even that low (maybe double bottom?)
