Chances are you could pick almost any indicator and see that we are nearing a bottom. RSI levels on the daily BTC Bitstamp chart are lower than they've ever been (even lower than 2013 and 2014 capitulations).
For this chart, it's a simple exercise in picking some historical price levels and extrapolating them. Check out the lower green line of the triangle. Certainly seems like the price hung itself off that line, (the past predicted when bitcoin would break the 6k level).
But, the time is past to take advantage of that, so now we're looking at the yellow line as time resistance with the blue support lines as accumulation zones and reversal.
The bearish sentiment is getting ridiculous. Which is a good thing. We'll probably have 1-2 legs down, but this should happen within roughly the next 5-10 days. That would be $2,800 to $1,700 as the bottoming zone. I know 1700 seems scary, but I think that would be more of a capitulation wick and we won't be there for long.
However, if we break out past the yellow resistance line, perhaps the bottom is in at that point.
Disclaimer: This is not financial advise. Educational purposes only.
For this chart, it's a simple exercise in picking some historical price levels and extrapolating them. Check out the lower green line of the triangle. Certainly seems like the price hung itself off that line, (the past predicted when bitcoin would break the 6k level).
But, the time is past to take advantage of that, so now we're looking at the yellow line as time resistance with the blue support lines as accumulation zones and reversal.
The bearish sentiment is getting ridiculous. Which is a good thing. We'll probably have 1-2 legs down, but this should happen within roughly the next 5-10 days. That would be $2,800 to $1,700 as the bottoming zone. I know 1700 seems scary, but I think that would be more of a capitulation wick and we won't be there for long.
However, if we break out past the yellow resistance line, perhaps the bottom is in at that point.
Disclaimer: This is not financial advise. Educational purposes only.
Comment:
Looks like we broke out of the yellow resistance. I think this means we may be gearing for a bull run - perhaps back to the original break-down from the triangle or beyond...
Comment:
A daily close would be nice to confirm this. But who in the world knows what bitcoin will do?