BTC Bears in Disbelief (BULL PROPAGANDA)
BTC has failed to close below 58k on the weekly for 3 straight weeks. It will be 4 straight weeks if this weekly candle closes green.
There are signs this was the bottom:
1. Huge volume spike with lots of liquidations on the Aug 5th Japan carry trade unwind dump
2. Equities V shaped recovery from the Aug 5th dump
3. BTC barely touching 50k, bouncing hard from the dump creating a huge weekly wick, and staying above the 1 year MA (52 week MA)
4. I saw countless people on X calling for the wick to be filled, more pain ahead because of that huge volume spike on the dump, and lots of calls for 30k to 40k BTC
5. I also listened to a few twitter spaces with people saying there was definitely more pain or chop ahead
6. Then I saw lots of people shorting on the timeline and in the discords I'm in
7. DXY dumping while foreign currencies strengthen
8. Lastly the fear and greed index had not been this low since Q4 2022 (the bottom)
Markets are not easy. The market does not let a lot of people, in this case shorts wanting 40k or 30k BTC, be right. This low volume and low volatility all of August is to bore people out of getting positioned. We could see the wick get filled but that does not always HAVE to happen.
Max pain is speculators (open interest) not positioning before the pump on this recent consolidation and then fomoing later on when price is above 70k adding more fuel to the fire.
This will leave people who are sidelined left to buy in higher, causing price to go up, and those who are short to get liquidated or forced to buy back, which also causes price to go up. More fuel. Anyone continuing to short this pump would also leave them to be juiced as price grinds higher from them closing their positions.
Global liquidity has risen higher and this is the halving/ election year.
Recession talk and moving average death cross yap is all FUD from midcurving morons. Those who buy, hold, and DCA will continue to be rewarded and have been rewarded. (Look at those who recently got their BTC back from Mt. Gox)
The top is not in I expect that to come Q4 2025 perhaps. We will see. I could be wrong or I could be right. No one can predict the future.
Thanks for reading this latest installment bull post after BTC has gone up a small amount.
There are signs this was the bottom:
1. Huge volume spike with lots of liquidations on the Aug 5th Japan carry trade unwind dump
2. Equities V shaped recovery from the Aug 5th dump
3. BTC barely touching 50k, bouncing hard from the dump creating a huge weekly wick, and staying above the 1 year MA (52 week MA)
4. I saw countless people on X calling for the wick to be filled, more pain ahead because of that huge volume spike on the dump, and lots of calls for 30k to 40k BTC
5. I also listened to a few twitter spaces with people saying there was definitely more pain or chop ahead
6. Then I saw lots of people shorting on the timeline and in the discords I'm in
7. DXY dumping while foreign currencies strengthen
8. Lastly the fear and greed index had not been this low since Q4 2022 (the bottom)
Markets are not easy. The market does not let a lot of people, in this case shorts wanting 40k or 30k BTC, be right. This low volume and low volatility all of August is to bore people out of getting positioned. We could see the wick get filled but that does not always HAVE to happen.
Max pain is speculators (open interest) not positioning before the pump on this recent consolidation and then fomoing later on when price is above 70k adding more fuel to the fire.
This will leave people who are sidelined left to buy in higher, causing price to go up, and those who are short to get liquidated or forced to buy back, which also causes price to go up. More fuel. Anyone continuing to short this pump would also leave them to be juiced as price grinds higher from them closing their positions.
Global liquidity has risen higher and this is the halving/ election year.
Recession talk and moving average death cross yap is all FUD from midcurving morons. Those who buy, hold, and DCA will continue to be rewarded and have been rewarded. (Look at those who recently got their BTC back from Mt. Gox)
The top is not in I expect that to come Q4 2025 perhaps. We will see. I could be wrong or I could be right. No one can predict the future.
Thanks for reading this latest installment bull post after BTC has gone up a small amount.
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