DrDovetail

4 possible bear market bottoms

BITSTAMP:BTCUSD   Bitcoin
We could double bottom at the weekly 200ma and find our bottom there considering we have never closed a weekly candle under it. Next leg down you can see a major trendline here in this yellow horizontal line that could certainly provide the bottom we are looking for but if we are to retrace below that the next 2 horizontal olive green lines seem to be the end all be all for our market bottom. I think we wont see anything lower than the one around 960...it is the candle close of the bull run peak(in 2013) before the most recent bull run, in other words the bull run peak before the last bull run. In markets whose ultimate bubble has yet to pop, the bear market typically finds its bottom before it has a chance to reach under the candle close of the previous bull runs peak. Considering there are far too many huge financial institutions currently stepping into crypto we can tell that the real bubble hasn't even gotten close to popping yet, so I am extremely confident that we will reach a bear market bottom by at least this bottom olive green horizontal line around 960 more likely in the 11k range or so. . .but possible at 2950 or the weekly 200ma double bottom around 3.1-3.2k..of course this is all just my opinion and not financial advice. Good luck and thanks for reading!
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