Cryptoactive Trader with unacceptable views
Cryptoactive Trader with unacceptable views 5 minutes reading from Bitcoin

Bitcoin Price May Be Nearing Bottom – For Now?

Some indications we're nearing a bottom:

1/

@woonomic 's CVDD (Cumulative Value Days Destroyed) has historically picked the bottom of the market.

BTC BTC Bitcoin

Bitcoin Price Models : Woobull Charts

@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."

@woonomic @ColinTCrypto 3/ EWT potential count indicates the corrective move hasn't completed yet, it could bottom anywhere between 5-14K ..

@woonomic @ColinTCrypto 4/

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.

@woonomic @ColinTCrypto 6/

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 7/ Global economic outlook is precarious, uncertainty level is high and VIX coiling for an explosive move.

@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?

@woonomic @ColinTCrypto @alessiorastani 9/ DXY has made it's move. Range bound action makes sense between 100-120 for the next few years. Relieving some strain off BTC

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.

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