These guilds won’t help this time because time Bitcoin follows the global stock market indices. An hour ago the CPI data came out and it turns out inflation is not going down at the rate we assumed.
That's odd, as literally the first point that I list to lookout for based on forming a bottom is the following, so it seems that this guide is relatively useful/accurate after all:
- Price will need to turn the 20 MA (previous resistance) into support, currently priced $21,950. This can be considered a basic requirement in order to confirm a bear market bottom
Clearly for now price is not turning $21.9K as support, and therefore forming the bottom pattern remains elusive. I'd otherwise argue this merely sets back the bottom by around a week to 10 days.
So now the fed might get aggressive with rate hikes again and this is not good for any risk on assets like Bitcoin. Hence why it’s impossible to use a chart from the past to predict the Bitcoin bottom.
Maybe if "super bearish" CPI numbers were announced like in July price could have pumped 20% again from the news? Failing to see the relevance personally, Bitcoin doesn't care about the fed.
The more speculators assume that Bitcoin forming a bottom is impossible based on fiat inflation, the more likely a bottom will form imo. Nothing is impossible when it comes to Bitcoin.