Hi WO!!!
Why Bitcoin Claiming This Crucial Level Will Set the Stage for a Move to $11,000“Bitcoin found support on the daily and is mainting its uptrend. Red block is key for me, if we reject from there it’ll confirm distribution above March’s high and I expect much lower. If we can reclaim the red block I am looking to long a pullback to $11k,” he wrote.
Source:
https://www.newsbtc.com/2020/05/23/why-bitcoin-claiming-level-will-set-stage-move-11000/To add: the red block is around $9,400-9,500.
I hate to say it but a proper pull back would be good for fuelling the $10k rocket.
$8,800 from a couple of days ago would not be a proper pullback?
We also had a dip to $8,109 two weeks ago, so it is not like BTC prices have been rocketing upwards in recent weeks, but instead just seeming to bounce around within a kind of range ... (a broad range, but still a range), which comes off as a kind of consolidation, right?
Hypothetically, what would be a proper pullback? Would we need to go as low as $7k or even lower - $6k?
Personally, I am not sure why a "pullback" is necessary since we had a pretty deep pullback from around the $10.5ks in mid February to the $7ks on March 11 and then to $3,850 on March 12. We need more than that? Maybe a double bottom or some other kind of reconfirmation that buying support is keeping up with our current price?
If we zoom out even more broadly, couldn't the extreme $3,850 of March 12th serve as a kind of double bottom from the $3,124 in December 2018? Probably March 12 was a bit much, but still, it gave a lot of buying opportunities for those who were considering that we were not going to see sub $6k again.. There were quite a few considering that the odds for seeing sub $6k were becoming pretty low, and then we saw it on March 12.. and then took nearly two weeks to get back above $6k in a kind of recovery from that extreme dip on March 12.
I hate to say it, too.
I have experienced a decent amount of being wrong in my ongoing preferences against down, but even if I have a preference against going down, there is not a lot that I can do about such preference. If going down happens, then it happens, and mostly what I do is just buy whatever amount that I feel comfortable that I can buy.
So, yeah, I have admitted that I have a preference against going down, and I even have a preference against speculating about going down, even though sometimes we might need to do such down speculation.
Likely many of us have seen that bearwhales are not really ready to allow bitcoin prices to go up until they know for sure that there is no more juice that they can squeeze out of the turnip. And, maybe also, if there is just too many sentiments that we are going to go up, then that does not cause enough fuel for actually going up, and it creates fuel for down, based on theories that the forcing of margins are better fuel when they go against the sentiment...
And, surely, bearwhales have to be forced kicking and screaming on the way up, otherwise they are not going to willingly cooperate in letting the BTC price go up and they are not going to make matters easy for all the plebs to become more richie from this novel paradigm shifting asset class.
By the way: Any of you remember memorial day weekend 2016? Yes.. memorial day weekend 2016 was prehalvening (the second halvening), and this memorial day weekend (4 years later) comes after our most recent halvening (third halvening).
As I recall, just prior to the 2016 memorial day weekend, there were a quite a few quasi-disgruntled folks in bitcoinlandia... They were disgruntled about the bitcoin price having had gone down into the mid-$100s and had gotten stuck in the $200s for almost a whole year (in 2015), and through the first 5 months of 2016, there were some doubts about whether the October/November 2015 pumpening up to $500 was a real reflection of BTC fundamentals or whether BTC prices were going to ever break above $500 again.
I don't consider myself as part of the May 2016 disgruntled, but surely, i was experiencing some doubts about bitcoin pumpamentals
(reappropriating that open source term from scammer Richard Heart.. hahahahaha) and kind of shell-shocked from being beaten-down so much through 2014, 2015 and even early 2016.
Maybe that is the feeling that you, Wekkel, speculate that BTC HOLDers need to be experiencing in order to be truly ready for a proper BTC price breakening UPwards?
I am not sure if that kind of doubtful feeling is necessary, yet I know that there are different bitcoin financialization tools that are currently available as compared to 2016 and surely the macro-environment is never going to be exactly the same when taking one period of time (2016) and comparing it to another period (now).
Nonetheless, I do recall my own feelings during memorial day weekend 2016.. and it was a pretty strong kind of feeling to see the BTC price to shoot above $500 and to largely never to return below that $500 price. Sure there were some times of uncertainty in 2016 and even in early 2017, but even the Bitfinex hack in early August did not meaningfully bring BTC prices back below $500, and the threats of revisiting sub-$500 in about March 2017 did not even come close to becoming true and ended up NOT even having $900 materially breached.
So even though during the 2016 memorial day weekend BTC price rise, none of us could have known that sub $500 would never be seen again the solidly breaking back above $500 came as a kind of relieving "I told you so" sentiment for a decent number of then HODLers, including yours truly.
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