Bitcoin lately has been testing Patience of many traders and making holding longs way more fearful for many Traders.
I would like to Represent “The CONTRARIAN VIEW” for BTC in this Analysis.

——————— TWO BASIC GOLDEN MANTRA’s in TRADING ———————

Before starting anything, I would like to discuss Two Concepts in Trading that are like Golden Mantra’s or Golden Rules of Success in Trading. Those are :-

>>>>>> Buy Low, Sell High <<<<<<
OR
>>>>>> Sell High, Buy Low <<<<<<

Although, These concepts seem very simple & easy to interpret; But, These “BASIC” concepts are “EXTREMELY” hard to execute.

Some call them luck, Some call them Skill.
Some call them… Probabilities.

—————— Social Sentiment & “BUY THE FEAR” View Explained —————

1) If we look at Social Sentiment & Market Sentiment, it has been bearish for last 3-4 weeks now.
From last few days, Majority of the Retailers have turned “BEARISH”. & They are looking forward to sell the Rallies at this point.

2) Please Ask yourself a Question, Would whales short at this point ?
Probability is very Less that at Such good Support Level Whales would Sell their BTC and SHORT BTC .

3) Using Fear & Greed index, It can be observed that We are currently Sitting on EXTREME FEAR in Crypto Market.
So, IS IT “NOT” Supporting One of the CONCEPT GOLDEN MANTRA OF TRADING, Buy Low & Sell High ?
Also, Isn’t it very LOW RISK at this level to go Long ?

—————- My Reasons to be Bullish on BTC & Crypto Market for Short to Mid Term ——————

1) Double Bottom :

2) 2-Day Timeframe Bullish Divergence :

3) 4-Hour Timeframe Bullish Divergence :

4) Not so Good looking Falling Wedge :-

5) Hourly Timeframe Demand Zone Retesting :

6) 8-Hour Timeframe Look on BTC :

Considering all of these Abovementioned Reasons, I, personally, am long on BTC & Crypto for SHORT-to-MID-Term.

However, if i am wrong, and then for me, Invalidation Point is 39.5-40k :

This by no means is a financial advice. This is just my personal view and despite i am right or wrong, Trading is a game of Possibilities and Probabilities.
Thus, my view is Bullish for BTC for now and for upcoming few weeks.
Market likes to teach us a new Lesson everyday. So, i am happy to be wrong if that is the case.

Rest, enjoy everyone & Trade Safely.