Bearish posts flooding the top of this sub is a pretty big buy signal, or at least my sign to begin DCAing IN

With the recent price action of BTC and almost all other alts, it shouldn’t be surprising to see the bearish narrative beginning to run rampant. Obviously, no one can deny that BTC’s chart looks incredibly weak at the moment, and perhaps there is some more downside to be had. I’m of the personal belief, however, that we’re getting decently close to a bottom from which we can expect at bare minimum a relief rally upwards in the coming days/weeks.

Let’s remove emotion and look at some of the facts.

Fear and Greed is currently in extreme fear, and has been for a decent enough amount of time to suggest scaling in is smart. Historically, buying in extended extreme fear like this has almost always provided a decent entry point on longer time frames. This metric does not help you time the bottom, and perhaps it can stay low longer than it already has, but the fact that most in here are becoming bears is a buy signal for me. Bearish posts flooding the front page signaled the bottom was approaching back in july, I don’t see why it’s that different now.

BTC’s chart is getting overextended to the downside. Plenty of times, the FOMO crowd had to be reminded that things to not move up in a straight line. This is a double edged sword, as the same logic can be applied inversely; things do not move down in a straight line either. Almost all momentum indicators are showing that BTC is getting a little too oversold and should be due for some kind of correction to the upside relatively soon. Daily RSI is oversold, daily stochastic rsi is oversold, weekly stochastic rsi is oversold etc.. when a lot of different momentum indicators start showing you that you’re overextended in one direction, you can be confident a move in the other direction is likely to follow relatively soon if history is any indication.

This is how markets work, they let one narrative be right until they get overconfident and sweep them. The other side gets exhausted of being wrong and quits the market; it’s designed to make you hate it. It’s a cycle that consistently repeats itself which is why people tell you to sell the greed and buy the fear; buying and selling when it’s really hard is what makes money. Of course, we can go lower which is why I’m saying DCA is the way. Bulls got overconfident and leveraged when Bitcoin hit an ATH, and right now I’m starting to see the bears get a little too confident in their calls for lower prices. Maybe the bears have some more room to be right, but I’m personally smelling a lot of blood in the streets already. While this may not be the bottom, we’re certainly beginning to approach it in my opinion.