@decodejar

Nine months later and 2022 comparisons are everywhere; it's the closest and most recent example, but there are two things worth considering. ​Not everyone is buying Bitcoin. In June 2022, Bitcoin closed below the weekly 200 sma, but at the same time many Altcoins bottomed. Ethereum, Cardano, Litecoin, Binance Smart Chain and others made their macro cycle low three months before Bitcoin, a buying opportunity for investors who were interested in these networks. ​The final 2022 low set by Bitcoin was due to the collapse of FTX in November and the contagion that spread to BTC-heavy lenders like BlockFi and Genesis. Bitcoin was hit uniquely hard during this event because it was the primary asset sold off in an attempt to prevent insolvency. It was also the only time in Bitcoin's history we have seen it fall significantly below its 200 week sma. ​Bitcoin at 60k, with dips into the 50s, continues to look like strong support, and I think that in time this area will prove to be the bottom, and look obvious with hindsight.

Bitcoin below the 200 week sma, would be cool if it closes above. Classic bear market signs everywhere. Sentiment in the gutter. Scrolling Crypto Twitter is doom scrolling by default. Strategy's Stretch STRC under pressure. Non-stop FUD. Dip from 59k to 58k three weeks later looks similar to the marginal lower low two weeks after the 2022 final capitulation. Other technical similarities, weekly RSI bullish divergence, etc, and yet for some reason still unconvincing. 50-60 range looks like bottoming area. We're already in it. Current 58k low could be durable with recovery of 200 week sma. Plan is to buy some crypto then get off this app until the weekly close, touch grass, and relax.

Bitcoin below the 200 week sma, would be cool if it closes above. Classic bear market signs everywhere. Sentiment in the gutter. Scrolling Crypto Twitter is doom scrolling by default. Strategy's Stretch STRC under pressure. Non-stop FUD. Dip from 59k to 58k three weeks later looks similar to the marginal lower low two weeks after the 2022 final capitulation. Other technical similarities, weekly RSI bullish divergence, etc, and yet for some reason still unconvincing. 50-60 range looks like bottoming area. We're already in it. Current 57k low could be durable with recovery of 200 week sma. Plan is to buy some crypto then get off this app until the weekly close, touch grass, and relax.

Bitcoin below the 200 week sma, would be cool if it closes above. Classic bear market signs everywhere. Sentiment in the gutter. Scrolling Crypto Twitter is doom scrolling by default. Strategy's Stretch STRC under pressure. Non-stop FUD. Dip from 59k to 57k three weeks later looks similar to the marginal lower low two weeks after the 2022 final capitulation. Other technical similarities, weekly RSI bullish divergence, etc, and yet for some reason still unconvincing. 50-60 range looks like bottoming area. We're already in it. Current 57k low could be durable with recovery of 200 week sma. Plan is to buy some crypto then get off this app until the weekly close, touch grass, and relax.

Price below the 200 week sma, would be cool if it closes above. Classic bear market signs everywhere. Sentiment in the gutter. Scrolling Crypto Twitter is doom scrolling by default. Strategy's Stretch STRC under pressure. Non-stop FUD. Dip from 59k to 57k three weeks later looks similar to the marginal lower low two weeks after the 2022 final capitulation. Other technical similarities, weekly RSI bullish divergence, etc, and yet for some reason still unconvincing. 50-60 range looks like bottoming area. We're already in it. Current 57k low could be durable with recovery of 200 week sma. Plan is to buy some crypto then get off this app until the weekly close, touch grass, and relax.