Looks like my previous wave count was invalidated. I actually assumed that 69 k was the top of wave 5 but it was only the top of wave 4 (expanding flat) and wave 5 ends at 73 k (strong top).
If you did your sentiment analysis properly, you can notice that almost every influencer is bullish and claims that retail is bearish which is a sheer lie. They are doing this because retail learned that greed is a sign to sell, so they had to come up with this strategy. I read many many comments of people who follow crypto influencers and the majority is either laughing about this crash or happily buying more, etc. The fear and greed index is also still in greed. Regardless if it's not only based on sentiment, it's still a good contra indicator and works if used in combination with other indicators.
The key level got rejected three times by wave 3, wave 4 and wave 5. It's a strong sign that it's over, at least for now but I doubt there will ever be a comeback except for a retrace. Short-term I think BTC could be close to a bottom for an abc-retrace.
If you did your sentiment analysis properly, you can notice that almost every influencer is bullish and claims that retail is bearish which is a sheer lie. They are doing this because retail learned that greed is a sign to sell, so they had to come up with this strategy. I read many many comments of people who follow crypto influencers and the majority is either laughing about this crash or happily buying more, etc. The fear and greed index is also still in greed. Regardless if it's not only based on sentiment, it's still a good contra indicator and works if used in combination with other indicators.
The key level got rejected three times by wave 3, wave 4 and wave 5. It's a strong sign that it's over, at least for now but I doubt there will ever be a comeback except for a retrace. Short-term I think BTC could be close to a bottom for an abc-retrace.