Despite what many think or expect, the fact that not even the famous SBR (Strategic Bitcoin Reserve) has had practically any bullish impact on the price of BITCOIN denotes how bad things are going in this market...although we are still at $83,000 at the moment which is fantastic.
I am not a PERMABEAR at all, I just see that we are not where we should be at this point and, yes, there are still many days left in what should be the typical bullish cycle of BITCOIN according to its history but we lack the "story" to justify that final push that takes us towards a new ATH more in line with expectations...
But, that's all, expectations, and we already know that when expectations are high, the outputs can be frustrating.
For my part, I have done my homework this cycle, I reaped the harvest in shitcoins when they pumped... and I did well, seeing what ETH is doing for example, I don't mind having sold my stake...
The only one I might regret having sold everything is perhaps HEDERA... I see a lot of institutional support and its price remains quite stable above but... it is still another shitcoin that can be manipulated from within IMO.
For this week, it seems that we have the same menu:
No indicator or oscillator shows signs of movement reversal in the daily and we still have a good "value gap" to fill up to $73,000 where there seems to be important support, and it also coincides with an important FIBONACCI level (38.2%)...
We will see if we can bounce there.
Probably one of the shitiest bull market indeed. I don’t have the experience in full of the 2017 bull market but I was wondering regarding what you wrote in the introduction: what was the story back then?
I have plenty of frustrations regarding crypto once again and tbh I am no longer sure weather the bull is still in play or not. My gut feeling tells me to hold until Q3-Q4 no matter the narratives that are circulating on twitter.
ICO and Crypto trading were the narratives then, EOS and TRX as ETHEREUM Killers also, hundreds of dapps being developed at that time, blockchain usability cases everywhere...development were.
Here, MEMECOINS seems to be the narratives...not so attractive for the retail investors IMO. We have lived an anticipated bull run with the ETF's probably
The reserve didn't make them buy any BTC. They only promised to not sell BTC, so it didn't help push up the price. It makes me wonder if they plan to buy any of the cryptos that they mentioned before.
yea that strategic reserves was more smoke than anything else, nothing big really
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