How do we know? The initial test of the 50K area support didn’t even touch 50K, which can be interpreted as plentiful buying activity .
It can be very tempting, but waiting for confirmation , helps to minimize getting caught in a support break or dramatic sell off.
Over a one month period we have only been seeing maybe 2 or 3 at most in recent months on the swing trade time frame.
Hype and the herd mentality have been at euphoric levels recently, and when the space goes out of favor, many will be stuck in coins that are not worth anything even close to what they paid for them.