I have been identifying trends using my newly coded indicator, “Time Series Long vs Short (TSLSV) beta.”
The first three vertical lines are located at the lowest point of previous market dips.
The location of the last vertical line is what I am observing.
It does have a correlation to the last three previous dips in that the short is higher than the long, AND both are increasing at the same time.
This is not an occurrence that can be observed at any other point in time which indicates that it has uniquely identified the bottom of bitcoin 12.30% dips in the past.
Because of the absolute dominance that bitcoin 12.30% has in the cryptocurrency market, it is likely that a bottom in bitcoin 12.30% would translate to the bottom for other crypto coins.
Hopefully, this will trend will continue.
This pullback scales correctly against the preceding rally. While retail investors are scared out of their wits, many see this as a buying opportunity.
The main point is that this slump is within a reasonable volatility range for Bitcoin and should not be classified as a market crash.
XRP has completed the retracement and is now sitting below what is considered FV.