Here is my Referral link:
Take this chart for what it is
but by placing the btc chart in Log scale we can clearly find a sport where we should draw out long term FIb levels from.
1. algo s and institutional money (whales like some like to call them) Usually (the majority of bounces) buy at the 61.8 Fib level. So here we are.
We are in fact about 5 to 15 % away still but its not always exact.
Am i myself confident this will be the absolute bottom? No to be honest not. the market has been freaked out all the way to this level, People who bought in at the highs in december freaked out sell and exit. Thats what institutions want so they can scoop up your cheap coins with millions
2. Secondly the 200 Moving average. As far as we can see in history Bitcoin never dropped below the 200MA on the daily, in contrary on every touch it bounced up nicely and didnt look back. This bounce is a little different, a little slow, so we can still fall back based on fear and some greed with swing traders.
If you re sitting with money on the sidelines i would wait for a break of the trading channel i ll post a chart from with more detail below this post.
Trade safe guys, watch the levels to avoid panicing and making stupid moves.
And remember, rich people thrive on the stupid money, dont let you be one of them!