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RE: BTC Correction to Complete Near 7.8k$ (Confluence of Indicators)
I heard a story that a well known analyst went to work for an ex pit trader who was now ceo of a trading firm. The analyst called the bottom of the market using well established TA.
When the price reached the target, the analyst confidently stated that this was the bottom, as per analysis.
That’s bullshit, cried the ex trader, picked up the phone and instructed someone on the floor dump a large amount of stock in the market, the price slid a further 5%.
😁
Thanks for the post! And let’s hope the bulls are feeling feisty!
Of course - Anything can happen so say Murphy's Law and Schrödinger's Cat! However, I hope for everyone still holding on to their position that this TA pans out. To me it looks solid as we have already rejected the rock bottom crash scenario pretty hard. I'm glad you enjoyed the analysis!
I’m a nerd, and am always interested in people’s technical analysis.
Keep up the good work!
Looks like we ended up with an extended fifth wave! Quite interesting that this historical support failed. Prices are now stabilizing around 6.8k$ (which was my most pessimistic scenario and I considered unlikely. This is historical support #2, which I did not mention in this post). In my mind, this almost qualifies as a panic sell - which is quite cool to be a part of actually!! It doesn't occur so often! It seems that BTCUSD long positions have recovered substantially as well with huge volume. I think we finally hit the bottom. There is nothing left to sell!