Worst Month Ever, Best Time To Buy. "Bitcoin is The Future"
Bitcoin was about to close its worst month ever when this chart was posted, about ten hours ago, but someone decided that it will not happen, and that "large entity" pushed bitcoin up from the abyss.
It is, at the moment of writing this post, changing hands at $19,586.81 and it has managed, while I was asleep, to score an over $1,000 15 minutes candle. Who pushed the price of BTC that strong up and why...
I guess we will never find out, but what is clear now is the fact that the president of El Salvador bought the dip. I know, he's been doing that since $40k, but the man, same as Michael Saylor, has conviction.
Bitcoin is indeed the future and when looking at the chart from the introduction, although we didn't have a -40% monthly candle close, it sure looks like the market is starting to bottom.
What most people misunderstand about bottoms is that these are not just daily or monthly candle closes. Bottoms are actually ranges of time when the price finds a low from where it doesn't make any sense to go lower.
We might not see BTC under $19,000 ever again, but that doesn't mean it will be $40,000 in two weeks from now. Not that it's not possible, but a bottom should not be mistaken for a trend reversal.
Bitcoin is in no trend reversal for the moment. It's still scraping the dirt from its fall from the sky.
We should watch out for capitulation and bottoming signals and one of them for me personally is the case of a friend of mine selling all of his EGLD and waiting to buy at $5 in the months to come.
That's not going to happen and it is a clear sign of a bottoming process. I won't say that EGLD can't go lower than the current $50 per coin is at right now, and I'd love it to do that so I can buy more, but when you hear extreme opinions like these ones you should be bullish.
When Kiosaky is saying BTC is going to $1,100, media outlets calling bitcoin dead and plebs waiting for extreme lows, that's when you know that it could be time we should start once again accumulating. At least that is what I'm doing.
Too much doom and gloom are oftentimes a sign of not going to happen. This shit occurs every cycle and every cycle plebs are falling for this trap. I won't be doing that this time.
Thanks for your attention, Adrian
Posted Using LeoFinance Beta