There might still be some ground attraction remaining
I am talking about this weekly 200 Smma, that is still there, very close, and that was hit in 2015, ending up the bear market.
This area around the 2 500$ is also a possible colliding area, coinciding with the end of the 2015 bear market (Monthly 200Smma)
As a non charlatan and simple human beeing, i do not know if these areas are going to be hit and if they will stop this current bear market, but if these areas end up beeing hit and a possible pin bar or spring or false breakout, then this could probably be the end of this bear market.
Bitcoin is very possible at a wave 4, which means this recent upmove could lead to another leg down that could form a double bottom around the 3.000$ support, or hit these weekly/monthly 200 Smma: this would be the wave 5.
Of course different scenarii can happen (Bitcoin is already bottoming, Bitcoin will dive below these supposed supportive areas), but we are not there yet.
If Bitcoin would bottom the same way of 2015 (CF the previous TA), the bottom is right here.
But,
I have the feeling that social networks are still displaying a lot of bullish individuals;
When i check twitter, i absolutely do not have the feeling that the average mood is "wtf, some people are still buying Bitcoin? it is dead, man"
So i am still remaining alert.
This 2 500$ area would as well be a good compromise between the bulls beeing certain that Btc is bottoming now at 3k, and the bears beeing certain that Btc will bottom around the 1k.
The market has to talk.
This area around the 2 500$ is also a possible colliding area, coinciding with the end of the 2015 bear market (Monthly 200Smma)
As a non charlatan and simple human beeing, i do not know if these areas are going to be hit and if they will stop this current bear market, but if these areas end up beeing hit and a possible pin bar or spring or false breakout, then this could probably be the end of this bear market.
Bitcoin is very possible at a wave 4, which means this recent upmove could lead to another leg down that could form a double bottom around the 3.000$ support, or hit these weekly/monthly 200 Smma: this would be the wave 5.
Of course different scenarii can happen (Bitcoin is already bottoming, Bitcoin will dive below these supposed supportive areas), but we are not there yet.
If Bitcoin would bottom the same way of 2015 (CF the previous TA), the bottom is right here.
But,
I have the feeling that social networks are still displaying a lot of bullish individuals;
When i check twitter, i absolutely do not have the feeling that the average mood is "wtf, some people are still buying Bitcoin? it is dead, man"
So i am still remaining alert.
This 2 500$ area would as well be a good compromise between the bulls beeing certain that Btc is bottoming now at 3k, and the bears beeing certain that Btc will bottom around the 1k.
The market has to talk.
Comment:
"why do you use the 50 SMMA and no the 50 MA?"