Congrats to those traders who went Long. Bear rugs are currently selling at cost. My charts indicate my analysis of the new cycle potentially beginning today or during this Weekly candle. I wouldn't have risked my life on that call, but I did risk a substantial position. We will see how things continue to play out and if Bulls truly got the last laugh. Comments are welcomed.
Were There Indicators?
There's been recent FUD about USDT collapsing. This rumor spread last year prior to the rally. There might be some truth to the USDT arbitrage rumors, but taken in conjunction with last year's USDT prior-rally spike this was likely Bulls loading up for the run. Recently 'Bears' have been very outspoken and at times harshly insulting. Could they really know something that we don't or be trying to save us from loss? Or, could they be Bulls in Bear's clothing priming the market for a rally? The more sudden and severe the FUD is the more you should question it.
Where Are We Now?
The growing negative sentiment of the market is clear, and BTC and altcoin cycles seem to be diverging. Today's current peak of ~$7,800 approximately reached last cycle's Wave 1 peak of $7,900. Therefore, is plausible to consider we've reached Disbelief of a new cycle. If so then we can expect further FUD about this 'one-off rally' and a 'big dip' just around the corner. I wouldn't be surprised to see an uptick in old and new rumors about the legality of cryptocurrencies and trading.
I don't advocate blindly ignoring crypto news, but personally I will remain weary. Hope will strike as suddenly as today's rally did but with more intensity.