BTC "Psychology of a Market Cycle" -- Don't be bullish too quick
Updated
The daily chart of BTCUSD looks almost identical to the well-known "Psychology of a Market Cycle" graph. This graph shows the steps from optimism to thrill to Euphoria, and then the drop back to anxiety, denial, panic. This chart aligns almost perfectly with the BTC daily chart. As people are anxious, they are forcing themselves to believe that we will recover, only while the chart says otherwise.
Note
Please keep in mind the prices of the levels are not actual predictions. I am outlining a chart structure idea. My honest guess for the "anger" area in terms of price would be around 10k.I have also posted a bullish sentiment analysis on my profile, as I have a neutral stance on BTC.
Thank you!
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