BITCOIN AT THE BOTTOM OF PITCHFORK WITH WEEKLY DIVERGENCE
A lot of negative sentiment on the market right now, and with everyone expecting BTC to drop to 12.000-10.000 area, there is a high probability that BTC creates even temporary bottom. Fear index currently at 23 (extreme fear).
Also BTC is near the cost of production, and historically BTC always bottomed above the value of production.
As you can see BTC price respected this pitchfork throughout the whole bull run. That doesn't mean it would be saved by 2X extension. It could still pierce trough the support, create the capitulation bottom, and then slowly bottom out here.
Nice area to dollar cost average, and to start buying.
Also BTC is near the cost of production, and historically BTC always bottomed above the value of production.
As you can see BTC price respected this pitchfork throughout the whole bull run. That doesn't mean it would be saved by 2X extension. It could still pierce trough the support, create the capitulation bottom, and then slowly bottom out here.
Nice area to dollar cost average, and to start buying.