Have we gone too deep? BTC fractal recovery, possibly not enough
So I looked at the 22 Feb. 2021 dip. Copied the bars, projected them across the current dip move. And the recovery looks eerily similar. It looks like we are going to test the rising wedge, a weak formation. Test the support that broke. And if we extend the fractal beyond that, ...well you saw what happened afterwards. March are very volatile and dippy. Do you think its wise to leverage trade? Are we going to get many chances to buy the dip again? Looks like it...
A few things to note.
Whales are controlling the moves, big time. Listen to Jarvis Lab. Just 8000 BTC can make or break a trend easy. Also think about how we've been pretty pumped up through the use of leveraging and mass herd buying into the potential future of BTC. Adoption is increasing, but the herd is way ahead of itsself alot of the time. Institutions are moving in.
All in all, its a bit mixed. Adoption is a painful affaire. Think internet boom and bust and recovery. Are we truely already done with the bust phase? Are we fully adopted? Are there bitcoin cafes? Meh... long way to go for the hodl'er... but I think there still is a wild ride ahead. Watch the stock market for ever more influence on the direction of action.
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Oh, and if BTC recovers in the next 24-48 hours. Alts go boom. But, after that who knows ...again.
A few things to note.
Whales are controlling the moves, big time. Listen to Jarvis Lab. Just 8000 BTC can make or break a trend easy. Also think about how we've been pretty pumped up through the use of leveraging and mass herd buying into the potential future of BTC. Adoption is increasing, but the herd is way ahead of itsself alot of the time. Institutions are moving in.
All in all, its a bit mixed. Adoption is a painful affaire. Think internet boom and bust and recovery. Are we truely already done with the bust phase? Are we fully adopted? Are there bitcoin cafes? Meh... long way to go for the hodl'er... but I think there still is a wild ride ahead. Watch the stock market for ever more influence on the direction of action.
==
Oh, and if BTC recovers in the next 24-48 hours. Alts go boom. But, after that who knows ...again.
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