tranthidung (OP)
Legendary
Offline
Activity: 2366
Merit: 4155
Farewell o_e_l_e_o
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 18, 2022, 01:37:34 PM Last edit: March 19, 2024, 01:42:39 AM by tranthidung |
|
The crypto market is volatile and we have been witnessing the worst lost streak in history of Bitcoin with so many continuous red weekly candles. Does Bitcoin in a bottom range yet? Let's check with Fear & Greed index; Pi Cycle Top and Pi Cycle Bottom a derivative of Pi Cycle TopFear & Greed Index The market has went through an extremely panic period. Market can not be bullish without bearish time. Pi Cycle Top The cross between 111 DMA and 350 DMAx2 mark a top of bull market. It is true in 2013, 2017 and 2021 bull markets. Pi Cycle Bottom It is a combination of EMA 150 and SMA 471. The cross of these two in the past bear cycles in 2015 and 2019 mark the nearest endings of bear market. Temporarily, we are witnessing another cross and it's a good signal. I don't make a call that bottom is in because another massive crash (black swan) like what happened in March 2020 might happen again. We can not exclude it completely. Anyway, combine them all, it seems we are going to a bottom area and in accumulation phase for a new bull market. * Not Financial Advice
|
|
|
|
Lucius
Legendary
Offline
Activity: 3332
Merit: 5913
Crypto Swap Exchange🈺
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 19, 2022, 10:34:00 AM |
|
Temporarily, we are witnessing another cross and it's a good signal. I don't make a call that bottom is in because another massive crash (black swan) like what happened in March 2020 might happen again. We can not exclude it completely. Anyway, combine them all, it seems we are going to a bottom area and in accumulation phase for a new bull market.
The question you ask is one that more or less everyone is asking these days, but despite all the TA analyses, no one can give a precise answer as to whether the price of BTC has reached the bottom or if new challenges await us. However, what happened in March 2020 is still specific and I do not believe that it will happen again, because the pandemic is still going on, just like the war in Eastern Europe. Can something worse than that happen (globally)? Of course, it's possible, but right now I'm most worried about how to survive the new heat wave that's sweeping Europe... I think we will find out the answer to that question by the end of the year, or in the first half of 2023 at the latest - that is, the situation will become much clearer as we get closer to the halving.
|
|
|
|
NeuroticFish
Legendary
Offline
Activity: 3766
Merit: 6477
Looking for campaign manager? Contact icopress!
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 19, 2022, 11:38:17 AM |
|
I've seen in the past years that no matter what indicators you're looking for, there's a very good chance that the reality will be based on one you've missed ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Since then I no longer try to find the bottom. It's too risky. but right now I'm most worried about how to survive the new heat wave that's sweeping Europe...
The heat wave looks bad indeed. It can easily make all European miners turn off because cooling may become too expensive or inefficient. Luckily it's not a significant hash rate...
|
|
|
|
Leviathan.007
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 19, 2022, 11:42:20 AM |
|
There are many ways to check if we are at the bottom of the market or not because being at the bottom means we should wait for a trend to change and changing the market situation can have many signals in both technical and fundamental ways. According to fear and greed, we are still in the fear situation and this cannot be a good sign for a bullish market. On the other hand, there are still many holders and long-term investors who buy bitcoin in dip and hold for the long term which shows us these days are good days to buy bitcoin long term. but regardless of that, we cannot predict the future to make sure if we are currently at the bottom of the market or not.
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
Charles-Tim
Legendary
Offline
Activity: 1638
Merit: 5074
Leading Crypto Sports Betting & Casino Platform
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 19, 2022, 11:58:47 AM |
|
I do believe in indicators but I do not believe using indicators to find the bottom. Why are people finding the bottom when they can just hold and wait for the appropriate time to reap profit. Bitcoin has gone down much more and it can not continue to be like that. As life is risky, investing in bitcoin has its own risks as well, if doubtful of any further price decrease, then do not invest all at once.
|
..Stake.com.. | | | ▄████████████████████████████████████▄ ██ ▄▄▄▄▄▄▄▄▄▄ ▄▄▄▄▄▄▄▄▄▄ ██ ▄████▄ ██ ▀▀▀▀▀▀▀▀▀▀ ██████████ ▀▀▀▀▀▀▀▀▀▀ ██ ██████ ██ ██████████ ██ ██ ██████████ ██ ▀██▀ ██ ██ ██ ██████ ██ ██ ██ ██ ██ ██ ██████ ██ █████ ███ ██████ ██ ████▄ ██ ██ █████ ███ ████ ████ █████ ███ ████████ ██ ████ ████ ██████████ ████ ████ ████▀ ██ ██████████ ▄▄▄▄▄▄▄▄▄▄ ██████████ ██ ██ ▀▀▀▀▀▀▀▀▀▀ ██ ▀█████████▀ ▄████████████▄ ▀█████████▀ ▄▄▄▄▄▄▄▄▄▄▄▄███ ██ ██ ███▄▄▄▄▄▄▄▄▄▄▄▄ ██████████████████████████████████████████ | | | | | | ▄▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▄ █ ▄▀▄ █▀▀█▀▄▄ █ █▀█ █ ▐ ▐▌ █ ▄██▄ █ ▌ █ █ ▄██████▄ █ ▌ ▐▌ █ ██████████ █ ▐ █ █ ▐██████████▌ █ ▐ ▐▌ █ ▀▀██████▀▀ █ ▌ █ █ ▄▄▄██▄▄▄ █ ▌▐▌ █ █▐ █ █ █▐▐▌ █ █▐█ ▀▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▀█ | | | | | | ▄▄█████████▄▄ ▄██▀▀▀▀█████▀▀▀▀██▄ ▄█▀ ▐█▌ ▀█▄ ██ ▐█▌ ██ ████▄ ▄█████▄ ▄████ ████████▄███████████▄████████ ███▀ █████████████ ▀███ ██ ███████████ ██ ▀█▄ █████████ ▄█▀ ▀█▄ ▄██▀▀▀▀▀▀▀██▄ ▄▄▄█▀ ▀███████ ███████▀ ▀█████▄ ▄█████▀ ▀▀▀███▄▄▄███▀▀▀ | | | ..PLAY NOW.. |
|
|
|
rhomelmabini
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 19, 2022, 12:23:54 PM |
|
I wouldn't be surprised if we hover around these figures of 20k to 30k and 35k for months and I may not say that the bottom really is in either. The technical may indicate that it's in but if we look at the fundamentals and the traditional market, we're still looming in recession or we are already there.
|
|
|
|
ololajulo
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 2240
Merit: 270
SOL.BIOKRIPT.COM
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 19, 2022, 01:11:52 PM |
|
When you give all these graphical pictures you are suppose to discuss the representation. Technical analysis has not been the only factor to determine the top and bottom of a market, it does not pick it at all. It might be useful for spot trading especially in this present market but not for top and bottom. The market trend has taught so many things and I will advice that cash is still the king at the moment and bear market has not got the worse of traders to try quit the space, which might look as a sign to the bottom.
|
|
|
|
hugeblack
Legendary
Offline
Activity: 2604
Merit: 3819
thechange.ltd - Exchange 250+ Coins With 0% Fees
|
I remember that one of the members had given the green light because the pi indicator points to the bottom, but I think that we will face a false rise in the coming days (below 25k) and then we will witness the real bottom, which may be near 15k dollars. We can confirm the bottom in two cases:
- The price rose above the 30K level. - Continue to maintain this level for more than two months.
|
| | TheChange | | | | |
░░░░░░░░░░██▄ ▄▄▄▄▄▄▄▄▄▄▄███▄ ▀▀▀▀▀▀▀▀▀▀▀███▀ ░░░░░░░░░░██▀ ░░░▄▄ ▄██▀ ███████████████ ▀██▄ ░░░▀▀ | | | | +250 COINS | | ..Crypto Exchange.. | │ | ▄▄▄▄ ▄▄▄███▀▀███▄▄▄ ▄█████▀▀░▄▄▄▄░▀▀█████▄ ██▀░▄▄▄████████▄▄▄░▀██ ██░████████████████░██ ██░████████████████░██ ██░▀██████████████▀░██ ██░▀████████████▀░██ ▀██░▀██████████▀░██▀ ▀██▄░▀██████▀░▄██▀ ▀██▄▄░▀▀░▄▄██▀ ▀▀██▄▄██▀▀ ▀▀▀▀ | | | │ | |
|
|
|
tranthidung (OP)
Legendary
Offline
Activity: 2366
Merit: 4155
Farewell o_e_l_e_o
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 19, 2022, 05:14:29 PM Last edit: July 20, 2022, 12:08:18 PM by Mr. Big Merited by NeuroticFish (2) |
|
I remember that one of the members had given the green light because the pi indicator points to the bottom, but I think that we will face a false rise in the coming days (below 25k) and then we will witness the real bottom, which may be near 15k dollars.
As I noted, I believe that we are in bottom range and Bitcoin is going in an accumulation phase. However, it might have a crash with price from $13k to $15k is very possible as a very last wash out before bottom is out and bull market will be triggered. I don't know when a last crash will happen. Another thing, when a crash happens, we will get a massive terrible news but remember, that crash is not because of the news. News is not a causal reason of the crash, never. News is released around the crash and that's it. It is used as a trigger for a crash, not a reason of a crash, never.
I've seen in the past years that no matter what indicators you're looking for, there's a very good chance that the reality will be based on one you've missed ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Market usually moves oppositely to what the crowd think it will move. Since then I no longer try to find the bottom. It's too risky.
It is what speculators and gamblers do. Investors don't have to find absolute bottoms and it isn't objective of this topic. They only find bottom range that is enough for them to invest, DCA. By the way, let's see Realized PriceBitcoin is jumping in another period with its current trading price on market is under its realized price. In the past, it occurs after one bull run and will last for months before bear market ends. With more mature of Bitcoin, Market price in latest 2 bear markets are not too lower than Realized price. It means something.
|
|
|
|
dragonvslinux
Legendary
Offline
Activity: 1680
Merit: 2212
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 20, 2022, 12:20:23 PM |
|
For simplistic view of the Pi Cycle indicator that has accurately called the tops and bottoms of the market since 2013. It paints quite the picture: ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fs3.tradingview.com%2Fsnapshots%2F8%2F8zk1kYbT.png&t=665&c=wgaS14znmyeDxQ) It admittedly does look quite convincing for a bottom, as one of the few (if not only) indicators that correctly called the $65K in April, unlike stock to flow, logarithmic growth, etc. This is now the 3rd cycle low that's been indicated after the 4th cycle high (also called a top in April 2013 but without a low thereafter), so it has finally established a pattern if the latest signal is correct. What I like most about this indicator is that it considered $65K top in April to be the cycle top, as opposed to $69K in November. This is what makes a cycle low 15 months later a lot more realistic, otherwise the expectation for many would be a low at the end of the year (12 months after the ATH). The idea that price won't fall below $20K ever again is starting to look quite likely now imo. I still remember this indicator calling the cycle top in April last year, and it seemed irrelevant (an anomaly even), but now is starting to make a lot more sense.
|
|
|
|
tranthidung (OP)
Legendary
Offline
Activity: 2366
Merit: 4155
Farewell o_e_l_e_o
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 20, 2022, 01:23:35 PM |
|
What I like most about this indicator is that it considered $65K top in April to be the cycle top, as opposed to $69K in November. This is what makes a cycle low 15 months later a lot more realistic, otherwise the expectation for many would be a low at the end of the year (12 months after the ATH). The idea that price won't fall below $20K ever again is starting to look quite likely now imo.
I still remember this indicator calling the cycle top in April last year, and it seemed irrelevant (an anomaly even), but now is starting to make a lot more sense.
Reject to call $69k in November as a top but call $65k in April is a top makes sense if you consider trading volume. After topping up to $65k in April, trading volume decreases gradually and even when price touches to $69k in November, trading volume is still low. That makes sense because to make a new real all time high, Bitcoin must have higher trading volume. Something as a volume explosion. Volume is key for price ride but it is not what we get in November.
|
|
|
|
MFahad
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 21, 2022, 01:42:34 AM |
|
People saying it wont drop again like a miracle just happenned and the world economy is back on its feet again, in reality China faces huge city/port lockdowns while its ready to invade Taiwan ( a huge economy at war/USA said it will defend Taiwan, most Asian countries depend on China to withold their economy...) EU is running out of NatGas and Oil, Sri Lanka is bankrupt, Pakistan will be left soon fighting a civil war without electricity, Esthonia/Italy goverment collapsed due to the economic crisis, west/south africa is in civil war, UK EU Australia USA mexico could deep in a recession with in the next year, Russia and Ukraine are at war, there is a global food sortage, Bubble assets (already burtsted, investors lost 11 trillions on investments, that fall had to happen since 2008), world dept is 305TN 355% the world GDP, more asset bubbles to come, more "Black swan" events will occur, better rethink about that "it will never go down to 700-1000$ price". We are still deep in shit, the next months will determine a lot, however, there are no clear indications that the world economy has rebounced, especially just because ETH went 50% up (for the last 1-2 days) when it lost 75% of its value the last 8 months.
|
▄▄████████▄▄ ▄▄████████████████▄▄ ▄██████████████████████▄ ▄█████████████████████████▄ ▄███████████████████████████▄
| ███████████████████▄████▄ █████████████████▄███████ ████████████████▄███████▀ ██████████▄▄███▄██████▀ ████████▄████▄█████▀▀ ██████▄██████████▀ ███▄▄████████████▄ ██▄███████████████ ░▄██████████████▀ ▄█████████████▀ █████████████ ███████████▀ ███████▀▀ | | | .
| | ▄▄███████▄▄ ▄███████████████▄ ▄███████████████████▄ ▄█████████████████████▄ ▄███████████████████████▄ █████████████████████████ █████████████████████████ █████████████████████████ ▀███████████████████████▀ ▀█████████████████████▀ ▀███████████████████▀ ▀███████████████▀ ▀▀███████▀▀ | . ElonCoin.org | │ | | .
| │ | ████████▄▄███████▄▄ ███████▄████████████▌ ██████▐██▀███████▀▀██ ███████████████████▐█▌ ████▄▄▄▄▄▄▄▄▄▄██▄▄▄▄▄ ███▀░▐███▀▄█▄█▀▀█▄█▄▀ ██████████████▄██████▌ █████▐██▄██████▄████▐ █████████▀░▄▄▄▄▄ ███████▄█▄░▀█▄▄░▀ ███▄██▄▀███▄█████▄▀ ▄██████▄▀███████▀ ████████▄▀████▀█████▄▄ | . "I could either watch it happen or be a part of it" ▬▬▬▬▬ |
|
|
|
tranthidung (OP)
Legendary
Offline
Activity: 2366
Merit: 4155
Farewell o_e_l_e_o
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 21, 2022, 01:51:54 AM |
|
People saying it wont drop again like a miracle just happenned and the world economy is back on its feet again
I did not make that call. I hope you read what I wrote correctly. ![Wink](https://bitcointalk.org/Smileys/default/wink.gif) My call is bottom is somewhere around already for long term investors. Again, real investors, not speculators or gamblers who have no knowledge about Bitcoin, zero belief in Bitcoin, they are shit pseudo-Bitcoin investors. Additionally, I emphasized clearly that if we skip all sorts of indicators, simply look at the price chart, it is very possibly to see Bitcoin drops back to $13k to $15k. It can drop there, stay there for months but it can be only a very flash crash, then V-shape recovery which triggers a new bull run. I clearly mentioned that capitulation is different than panic sell or selling to cover temporary bills. ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) We are still deep in shit, the next months will determine a lot, however, there are no clear indications that the world economy has rebounced
Yeah, when all shit is reflected in panic sell already and when panic is gone, sun will shine. We are in a black swan time, periodically after around 10 years. The world doesn't end after each ten years.
|
|
|
|
Fundamentals Of
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 21, 2022, 03:10:14 AM |
|
Many are not feeling pumped up with the recent rally of Bitcoin. Despite Bitcoin surpassing $24,000, there are still a number of comments saying that the bottom has not yet been hit. So this recently rise could indeed be just another bear trap and the correction that follows will bring the price to its bottom. As of this writing in fact the price has already fallen below $24,000 and then below $23,000. This might be harder fall now.
|
|
|
|
Don Pedro Dinero
Legendary
Offline
Activity: 1400
Merit: 1647
The first decentralized crypto betting platform
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 21, 2022, 03:24:11 AM |
|
Many are not feeling pumped up with the recent rally of Bitcoin.
LMAO. Do people really call the recent price rise a 'rally'? With bitcoin's volatility, I see it as normal upside volatility. I've seen in the past years that no matter what indicators you're looking for, there's a very good chance that the reality will be based on one you've missed ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Since then I no longer try to find the bottom. It's too risky. I think this sums it up, no matter how much analysis we can do, no matter how sophisticated, there is always something that can slip through the cracks. What does seem clear is that we are, or have recently been, much closer to the bottom than we were months ago, but whether we will go down again or not, and whether we will pierce the previous low, I leave to the fortune teller.
|
|
|
|
dragonvslinux
Legendary
Offline
Activity: 1680
Merit: 2212
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 21, 2022, 12:29:01 PM |
|
What I like most about this indicator is that it considered $65K top in April to be the cycle top, as opposed to $69K in November. This is what makes a cycle low 15 months later a lot more realistic, otherwise the expectation for many would be a low at the end of the year (12 months after the ATH). The idea that price won't fall below $20K ever again is starting to look quite likely now imo.
I still remember this indicator calling the cycle top in April last year, and it seemed irrelevant (an anomaly even), but now is starting to make a lot more sense.
Reject to call $69k in November as a top but call $65k in April is a top makes sense if you consider trading volume. After topping up to $65k in April, trading volume decreases gradually and even when price touches to $69k in November, trading volume is still low. That makes sense because to make a new real all time high, Bitcoin must have higher trading volume. Something as a volume explosion. Volume is key for price ride but it is not what we get in November. Very true, since the $69K fake-out I had considered $65K in April to be the "real top" as opposed to November. Aside from volume, other metrics also suggested it wasn't a cycle top, such as Weekly RSI that showed Bitcoin's price was bullish but far from overbought, in comparison to the multiple months where Bitcoin's RSI was overbought from around October 2020 to April 2021 (for 6 months approximately). At least from previous cycle tops, they have always occurred after price has been overbought for weeks or months on high volume, as opposed to very low bullish momentum.
|
|
|
|
justdimin
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 21, 2022, 09:48:41 PM |
|
I think this sums it up, no matter how much analysis we can do, no matter how sophisticated, there is always something that can slip through the cracks. What does seem clear is that we are, or have recently been, much closer to the bottom than we were months ago, but whether we will go down again or not, and whether we will pierce the previous low, I leave to the fortune teller.
A 3k up in price is decent so it can be considered to as a small rally while others call it as a relief rally but there are those who are not contented with it, that is why they aren't feeling pumped up or bullish with what bitcoin is showing lately. These past weeks the price have recovered and stayed from 20k. This is already far from the bottom but what is close to bottom is the price we have last months ago, when btc reached 16k but I think that might be the real bottom already because why the price didn't drop further after that? I don't think we can go down again so if someone wants to buy, they should do it now as this can be the last call.
|
|
|
|
Fundamentals Of
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 02:45:29 AM |
|
Many are not feeling pumped up with the recent rally of Bitcoin.
LMAO. Do people really call the recent price rise a 'rally'? With bitcoin's volatility, I see it as normal upside volatility. What's wrong with the word rally? The rise in price was somehow sustained. It didn't happen very quickly. It lasted for around a week. From having a low of around $19,000 on the 13th, the price gradually climbed, peaking at around $24,000 on the 20th. Why can't we call it a rally? A price increase doesn't have to last for a month to be called a rally, does it? And considering that prior to that there wasn't any big movement for a month, it was indeed something of a rally.
|
|
|
|
Kemarit
Legendary
Offline
Activity: 3178
Merit: 1358
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 03:28:50 AM |
|
Many are not feeling pumped up with the recent rally of Bitcoin.
LMAO. Do people really call the recent price rise a 'rally'? With bitcoin's volatility, I see it as normal upside volatility. What's wrong with the word rally? The rise in price was somehow sustained. It didn't happen very quickly. It lasted for around a week. From having a low of around $19,000 on the 13th, the price gradually climbed, peaking at around $24,000 on the 20th. Why can't we call it a rally? A price increase doesn't have to last for a month to be called a rally, does it? And considering that prior to that there wasn't any big movement for a month, it was indeed something of a rally. It's just the semantics though, but in any case, I think we all agree that we love to see the price somewhat climbing back to $23,000-$24,000 recently. Regarding the question though if we have reach the bottom already, with the way the price is moving recently, who knows, maybe we have reach it at $17,500 or at least this year. We're already half of the year and maybe the next six month will be at least very friendly, especially hitting the last quarter.
|
|
|
|
tranthidung (OP)
Legendary
Offline
Activity: 2366
Merit: 4155
Farewell o_e_l_e_o
|
![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
July 22, 2022, 05:41:04 AM |
|
Very true, since the $69K fake-out I had considered $65K in April to be the "real top" as opposed to November. Aside from volume, other metrics also suggested it wasn't a cycle top, such as Weekly RSI that showed Bitcoin's price was bullish but far from overbought, in comparison to the multiple months where Bitcoin's RSI was overbought from around October 2020 to April 2021 (for 6 months approximately). At least from previous cycle tops, they have always occurred after price has been overbought for weeks or months on high volume, as opposed to very low bullish momentum. Exactly. Monthly Relative Strength IndexRSI makes its peak in March and slightly fall in April when Bitcoin is around $65k. In November, even price rises to $69k, RSI is still very low and it can not make a double top (in RSI chart). So price can not increase more toward $100k or higher.
|
|
|
|
|