bitcoin although it rises above $40,000 again, altcoinThere was no serious upward move in the years.
We see that the expectation that Bitcoin will continue its downward trend curbs the risk appetite of investors.
Experienced analyst Willy Woo shared a message for investors who are having trouble finding their direction amid the uncertainty created by the FED’s interest rate hikes and the Russia and Ukraine crisis.
Showing the capitulations that caused investors to surrender to the market in the past bear markets through the Stablecoin Ratio Oscillator data, Woo said, “The reds show the capitulations, the green areas show the accumulation zone.” said.
When we follow similar movements after 2019 on the chart shared by Woo, we see that the accumulation continues for a short-term uptrend in Bitcoin.
In the previous 3 capitulations, we see that the following line touched the bottom of the graph, but this contact did not occur in the current graph. Noting this, some analysts think that the capitulation candle is still on the table.
Woo did not comment on the direction after sharing the chart. However, in a post he made yesterday, he stated that the crypto market was about to be reset, and that it was last experienced in October 2020.
*Not Investment Advice.