Bottom is almost in

[ImThour]

Bottom is almost in

This is a comparison of 2018 correction and 2022 price action.

[1714635332]

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[1714635332]

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[Wilhelm]

Let's wait for that EMA crossing 

[ImThour]

Let's wait for that EMA crossing 

Great point, but that EMA crossing doesn't give the best buying spot.
BTC price at 200 WMA is what I would consider best buying price.

[Wilhelm]

Let's wait for that EMA crossing 

Great point, but that EMA crossing doesn't give the best buying spot.
BTC price at 200 WMA is what I would consider best buying price.

I'm long term hodler so I've already filled my bag and boarded the rocket 🚀
Bought some more last week which is at a 20% loss but it will be 6X once we get to the ATH again.
Wish I was a better trader but I'm happy with 600% profits 

[Husires]

When I saw the price when I woke up I remembered your previous post, so will the bottom be the 200 Weekly Moving Average at about 21.8 or 50% of the 32K (Hash Ribbon Indicator).
That is, the price will stop above the previous ATH (19.7k,) or we may see for the first time a price below 19k (old ATH) and closer to/less than 17k.

I bought 40% at 24.2k and I'm still waiting for what happens.
I hope the price will come back soon

[ImThour]

When I saw the price when I woke up I remembered your previous post, so will the bottom be the 200 Weekly Moving Average at about 21.8 or 50% of the 32K (Hash Ribbon Indicator).

What I mentioned in that post is last time when capitulation appeared on the BTC chart in 2018, price went down 50%.
However, 200 WMA is what I consider a bottom. But let's see.

[el kaka22]

By the looks of this, I feel like there could be some sort of recovery coming very soon. I am not saying that we will peak again very soon, that is not going to happen, but a recovery to 30k doesn't seem like out of question for the time being.

I remember the 2018 period and there was a good recovery period there where we want to 5k+ range, and that means from 3.5k to 5k is a bigger increase than 23k to 30k, but it could definitely happen and be similar because of higher money required to do that. I do not want to convince anyone, I am not a rich person who knows how to trade and be rich because I am not rich which shows I am not a good advice giver, but 30k definitely seems quite possible for now.

[fzkto]

When I saw the price when I woke up I remembered your previous post, so will the bottom be the 200 Weekly Moving Average at about 21.8 or 50% of the 32K (Hash Ribbon Indicator).

What I mentioned in that post is last time when capitulation appeared on the BTC chart in 2018, price went down 50%.
However, 200 WMA is what I consider a bottom. But let's see.

Bitcoin just touched the 200 MA today, so it is likely to be a real bottom now, but there are slight doubts about how the S&P will behave, if it continues to fall, bitcoin will probably change the classic pattern of behaviour that we have seen in times of fall.

[hatshepsut93]

Interesting to note that this bottom is already on the level of ATH of 2017, while in the previous cycle the bottom (~$3,000) was way higher than the previous top (~$1,200). So, not only did this cycle brake the pattern in terms of top expectations, but also the bottom expectations. There's gonna be a very fierce battle over the $20-22k psychological level, because if the price falls below that, it's a sign that Bitcoin is overall not as bullish as people thought, with their dreams of $1 million per coin.

[GreatArkansas]

A good entry is possible once the price will become stable and the EMA cross as OP said. For me, $20,000 is my buying area.
I'm just leaving some buy orders in case there will be some wicks will happen.

For me, it's ok not to get the perfect bottom, if you want to hunt it, I believe that splitting your buy orders is a good idea just in case.

[Husires]

There's gonna be a very fierce battle over the $20-22k psychological level, because if the price falls below that, it's a sign that Bitcoin is overall not as bullish as people thought, with their dreams of $1 million per coin.

The problem is not that we reached the bottom or set the bottom, but that there is no positive news in the short term. However, the negative news has not yet begun, such as the Fed’s decisions, monetary policy tightening, and the world’s problems are still lingering from the oil crisis, Covid to the supply chains, all of them are putting pressure on me Companies, institutions and individuals, which make the funds allocated for investment few and are used only in extreme cases.

Put all this in place and the continuous failure of many altcoins algorithms, those currencies that have huge liquidity from clients and all their assets are Bitcoin and Ethereum.

Put all this on one side and political tensions and legal regulations on the other.

In forecasting, the most important thing is that we do not close the weekend lower, because it is an indication that the difficult part is not over yet, which may push us very far for the first time.


I've bought with all my cash, I don't have a difference between 20k and 18k but I'm afraid we will go further.

[Gozie51]

A good entry is possible once the price will become stable and the EMA cross as OP said. For me, $20,000 is my buying area.
I'm just leaving some buy orders in case there will be some wicks will happen.

For me, it's ok not to get the perfect bottom, if you want to hunt it, I believe that splitting your buy orders is a good idea just in case.

I think splitting is a good idea because waiting for exact buttom may not be realistic. Buying now is still a good time and if rebuying at a later time if price drop sounds good but waiting for EMA crossing may not also be a perfect signal. Splitting may look good like buying 50% of intended investment.

[cryptomaniac_xxx]

Interesting to note that this bottom is already on the level of ATH of 2017, while in the previous cycle the bottom (~$3,000) was way higher than the previous top (~$1,200). So, not only did this cycle brake the pattern in terms of top expectations, but also the bottom expectations. There's gonna be a very fierce battle over the $20-22k psychological level, because if the price falls below that, it's a sign that Bitcoin is overall not as bullish as people thought, with their dreams of $1 million per coin.

Yeah, thanks for pointing this out, but I still expect the price to really reach the previous high before I can say that we have reach the bottom, at least this is how I see it.

Regardless though, previous cycles as being pointed out by the OP is a good comparison, but we might see some slight deviations on the pattern. So final capitulation should be around $18k-$19.7k.

[Lucius]

Interesting to note that this bottom is already on the level of ATH of 2017, while in the previous cycle the bottom (~$3,000) was way higher than the previous top (~$1,200). So, not only did this cycle brake the pattern in terms of top expectations, but also the bottom expectations. There's gonna be a very fierce battle over the $20-22k psychological level, because if the price falls below that, it's a sign that Bitcoin is overall not as bullish as people thought, with their dreams of $1 million per coin.

Who could have hoped that we would talk about whether the bottom would be on the 2017 ATH or whether it would be some value lower than that? Given everything that's going on, it's no wonder we're where we are, but when something loses as much as $10 000 in just a few days, many inexperienced people begin to seriously suspect that someone has cheated on them. My local media is literally crucifying Bitcoin and talking about the complete collapse of the Ponzi scheme, but that’s nothing new considering what they wrote in 2018.

I’m not in TA and I can’t say if the bottom has been touched, but for now we’re sticking above $20k and maybe some things will be clearer in the next 12/24 hours. My layman's thinking tells me that this will not end so quickly, but we can hope that things will move in a more positive direction.

[Baofeng]

Well for me, I think the bottom is the last all time high in 2017 and I don't think that we can go lower than that. But we all know that most of the time our prediction is wrong so we will see. It hasn't go as low as $19k but we almost hit it.  But now at $22k? seems  some recovery till the end of the week. It's the same effect as the Luna debacle, went below $30k, then have a good bounce back. So maybe $25k-$26k could be the highest price and should be the next target if every goes positive till next week. I'm giving a full week so see how it goes.

[Fundamentals Of]

Well for me, I think the bottom is the last all time high in 2017 and I don't think that we can go lower than that. But we all know that most of the time our prediction is wrong so we will see. It hasn't go as low as $19k but we almost hit it.  But now at $22k? seems  some recovery till the end of the week. It's the same effect as the Luna debacle, went below $30k, then have a good bounce back. So maybe $25k-$26k could be the highest price and should be the next target if every goes positive till next week. I'm giving a full week so see how it goes.

As others say, $20,000 is the new $5,000. We will see if $20,000 will hold strong. If it doesn't, it shouldn't come as a surprise anymore to everyone of us. Everybody must have already been bracing for any eventualities in this bear season.

With regards to small recoveries, I'm afraid many of them are simply traps. I'm not seeing much hope in them at this moment. It seems that in every two steps higher of the price, there are 6 steps lower that follow.

[Tony116]

Well for me, I think the bottom is the last all time high in 2017 and I don't think that we can go lower than that. But we all know that most of the time our prediction is wrong so we will see. It hasn't go as low as $19k but we almost hit it.  But now at $22k? seems  some recovery till the end of the week. It's the same effect as the Luna debacle, went below $30k, then have a good bounce back. So maybe $25k-$26k could be the highest price and should be the next target if every goes positive till next week. I'm giving a full week so see how it goes.

As others say, $20,000 is the new $5,000. We will see if $20,000 will hold strong. If it doesn't, it shouldn't come as a surprise anymore to everyone of us. Everybody must have already been bracing for any eventualities in this bear season.

With regards to small recoveries, I'm afraid many of them are simply traps. I'm not seeing much hope in them at this moment. It seems that in every two steps higher of the price, there are 6 steps lower that follow.

In the past when the bear market happened bitcoin price fell but never fell below the old ATH and bitcoin ATH 2018 was $20k. If this happens, it will be the first time in the history of the market and we need to prepare ourselves for bad things to come. I also believe that with this slight uptick, bitcoin could return to $25k in the coming days and then possibly drop again. There has not been a positive signal for bitcoin to break out of the downtrend.

[Rikafip]

Well for me, I think the bottom is the last all time high in 2017 and I don't think that we can go lower than that.

That was the case up until now, but this is the first time since bitcoin inception that we are in global financial crisis and that changes everything. If situation was normal I woulnd't think that we can go below previous all time high but with all these things going on in the world, I am not so sure.

Regarding whether bottom is in, from my previous experience we touched the bottom when majority of people lost all hope, thinking that we won't see another bull market ever again and I think that we are not there yet meaning it can still go down. Either way, I am not interested in guessing the bottom and I am buying ever since Bitcoin went below $30K and will continue to do so. DCA FTW 

[Kemarit]

Well for me, I think the bottom is the last all time high in 2017 and I don't think that we can go lower than that. But we all know that most of the time our prediction is wrong so we will see. It hasn't go as low as $19k but we almost hit it.  But now at $22k? seems  some recovery till the end of the week. It's the same effect as the Luna debacle, went below $30k, then have a good bounce back. So maybe $25k-$26k could be the highest price and should be the next target if every goes positive till next week. I'm giving a full week so see how it goes.

As others say, $20,000 is the new $5,000. We will see if $20,000 will hold strong. If it doesn't, it shouldn't come as a surprise anymore to everyone of us. Everybody must have already been bracing for any eventualities in this bear season.

With regards to small recoveries, I'm afraid many of them are simply traps. I'm not seeing much hope in them at this moment. It seems that in every two steps higher of the price, there are 6 steps lower that follow.

In the past when the bear market happened bitcoin price fell but never fell below the old ATH and bitcoin ATH 2018 was $20k. If this happens, it will be the first time in the history of the market and we need to prepare ourselves for bad things to come. I also believe that with this slight uptick, bitcoin could return to $25k in the coming days and then possibly drop again. There has not been a positive signal for bitcoin to break out of the downtrend.

Well that's what we said that it will not go on a 7-8 red candles, but we did actually. And if I'm not mistaken, it's 9 or 10 red weekly candles (correct me If I'm wrong).

So there are a lot that is happening around that we haven't seen in the past. So the trend might change or worst this year.

Hopefully $25,000 will be reach, that's the next barrier that we have to break.

[FatFork]

Right now, $ 20,000-$ 20,500 is the major support. It is the level to watch.
It is likely that BTC will trade within the range over the next few weeks before moving to the next level.