Grinding Out This Bottom

Bitcoin has the market on a knifes edge right now, toying with the sub $60k area and leaving the timeline utterly confused as to what happens next

Gm friends, and welcome back to another edition of Syko Therapy.

First off, apologies, as this edition is coming into your inbox a day later than usual. The reason for this, is that last night, we had something happen that only happens twice per year. We had, at the same time, the 1 month, 3 month and 6 month closes. I wanted to wait until those were behind us before updating you today.

There is no sugar coating it guys, we are in time capitulation right now. After losing the $74,000 level, I mentioned that we would now enter a more prolonged bottoming formation, and that is exactly what we are getting. $60,000 in Feb 6th was our price capitulation, and since then we have been going through an absolute grind, emotionally messing with Crypto holders and watching the fear continue to creep higher and higher in peoples minds as the price slowly grinds lower and lower, until the final holders cant take it anymore and capitulate.

However, even though we cannot predict the 100% future, the data is now very clearly showing us that we are reaching the climax point of this bear cycle and getting ready to transition back into our bullish cycle. I know it does not feel this way, but by understanding that very feeling, it confirms that we are definitely in that position.

Bottoms do not feel good - that is just how it is. The trick is to be able to recognise, objectively, that the bottoming formation is where we are and operate within an opposite based mindset. We must be even more convicted during the times when the crowd is pessimistic. And after manoeuvring through this bottom formation well, securing great positions, we will then at some point, need to be pessimistic when the crowd is overly optimistic. Learn to recognise difficult times like now in the market as peak opportunity, and really fun times in the market at the highs as the time to actually be very cautious.

The long and short of this edition is that even though this phase of the market is very challenging for many, we are very close now. I have lots to share for you today with some great updates across the board, so lets crack on straight into it guys!

High Time Frame Closes

As mentioned before, Bitcoin and the wider market put in their 1M, 3M and 6M closes last night. These much higher time frame candles really paint a picture of what is happening within a much slower pace, and allow us to drown out the day to day noise of the market.

What we can see here above is that Bitcoin has now closed 2x 6M candles red. Over the last 10 years this is something that has only happened twice. Once in 2018 and then again in 2022.

Here below we then have the 3M close.