There is a very high chance we actually hit bottom at $3,120. All year I was a permabull, until the initial burst down. Then I became a massive bear. After digging deeper in the analysis I posted yesterday, I am 100% positive we will not be breaking our current low, at least for now. The thing is, if we do NOT test our current low, we are going to break out of the bullish wedge that has kept us at bay since ATH. There is always the chance 6k will get rejected harder than a teenage nerd and we plummet from there, but I don't think so. I think we will be rejected at first when we get there, then a massive breakout will happen to the upside. What happens past that point is anyone's guess.
Price doesn't matter in what I am seeing, the strength of the RSI does....and right now we are well above ATH RSI resistance, and have yet to break back down below it. All year last year we rode that line and always got sucked back below it. If we hold above our current low, there will be no re entry back into RSI support, which means we will for the first time in over a year have a legitimate upside breakout. One with hidden strength so strong that I think it will even surprise the bulliest of bulls. I think this is why longs absolutely fucking skyrocketed - for once they're not playing contrarian, they're as positive as I am that $3,120 was botton. I am sticking by this with conviction, we have one week to pick a mid term direction according to the charts and considering we are consolidating against the most extreme resistance we have ever faced, I think we finally break though. The hash war will potentially go down in history as the black Swan event that caused bitcoin to become stupidly undervalued, and go on to a new ATH. Call me stupid, call me what you want, but I think we are already beginning the next bull run and noone except the monster whales know it.
For what it's worth I'm a permabull, but I'm still pretty bearish atm and would rather be outright wrong. I would much rather see real capitulation as it would give me a lot more time to accumulate. Bitcoin goes vert right now and I will be caught entirely out of position, and so will a LOT of other people. AT MINIMUM I think we at least have a relief rally to mid 5k range.
If the whales didn't get greedy I'd be none the wiser, but they just HAD to double up their sweet sweet stacks. No hard feelings though, I would of done the exact same thing given the same position.