Still not out of the woods

Still not out of the woods

By toofasteddie | The cryptorunner | 17 Jan 2023


Twitter (CT) is crazy these last few days, or almost practically since the last FED statement in which there was no news, good or bad.
The market reacted to this lack of "big news" by pushing well, S&P500, Dow Jones, BITCOIN and pretty much any stock and shitcoin started to bounce quite happily and the typical FOMO "tweets" hailing the end of the BEAR Market began to emerge...
We have even gone from a state of almost "Extreme Fear" to a "Neutral" situation in just a matter of 5 days.

But to say that the BEAR market is over is a bit too premature.

Better to say that we have temporarily gotten out of the boring channel of accumulation in which we were submerged since mid-November last year.

There is a lot of eagerness to start the new bullish cycle and nobody wants to miss the train again this time.

Many people have learned the lesson and, in fact, BTC has been the one that has grown the most in the last week if we look at the Top10 Crypto... well SOLANA has grown much more, I have to admit that there are still a lot of NFT Shitcoiners without realizing what's this all about...unfortunately, I think they'll end up learning by eating another dump sooner rather than later IMO.

The good news also seems to be that the miners do not have so much BTC left to sell and that the Hashrate difficulty is still high, so it does not seem that the intentions of selling BTC are many either by this group, even if they are mining in losses.

When can we say that the BEAR market is over?

You just have to take a look at the daily BITCOIN chart to realize it.

image.png

We need to break $25,000

It seems like a lot of people don't remember that we were in range mode around $21000 for 3 months, from late summer to early November when the latest FTX shit started exploding.
In other words, our "natural floor" of accumulation was $21,000, right where we are now if all the crap from ALAMEDA and FTX hadn't come out.
There we were comfortable accumulating and there we must remain as a starting point to bring about the end of the Bear Market.

We are in accumulation again, maybe we have already touched the bottom but nobody, absolutely nobody can say that we have finished with the BEAR Market unless you are a gambler.

However, $25,000 is the last HIGH that we should break to confirm the change in trend.

Have a nice day.
@toofasteddie

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toofasteddie
toofasteddie

Dad, Engineer, Runner and Crypto-trader


The cryptorunner
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