Some indications we're nearing a bottom:
@woonomic 's CVDD (Cumulative Value Days Destroyed) has historically picked the bottom of the market.
BTC BTC Bitcoin
@woonomic 2/ @ColinTCrypto 's CBBI chart "The CBBI is a Bitcoin index that utilizes advanced, real-time analysis of 9 metrics. The confidence score indicates whether we are approaching the top/bottom of a blow-off Bitcoin cycle."
Monthly StochRSI bottomed out for quite a while now, forming a Bull div as it's created a lower low on RSI but higher low on price between end of 2018 and in the near future, end of 2022/Q1 2023
@woonomic @ColinTCrypto 5/ FTX was the 'last titan' of this bull run to fall, but that does not mean bottom is in yet. Contagion takes a while to play out and that is more sell pressure on BTC for the near term until the pipes are clean.
Many FTX customers are still in denial.
denial, anger, bargaining, depression, acceptance.
We need more shorts to pile on during the bargaining stage to solidify the bottom.
@woonomic @ColinTCrypto 8/ As market participants anticipate a pivot by the FED - @alessiorastani pointed out the result is not so black & white - unless you set aside your preconceptions and follow historical patterns. One last relief rally before the recession leaves a mark?
10/ This is a freestyle 'thread' no set number of tweets.
BTC.D forming a quintuple bottom. At POC. Surely long term this trends down, but in times of LUNA & FTX we're poised for the King BTC to reassert his dominance.
11/ It will take some time to digest the 'Lunar collapse'. LUNA followed by FTX during the Blood moon. Numerology & Astrology savants like @marenaltman must have enjoyed that one. Digestion may look like this moving forward BTC EWT
This post is based on this twitter thread.