Double Bottom spotted! 8894 price point is valid!

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**update of The Rules of Bitcoin. The art of hodling Bitcoin and USD.
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Double Bottom spotted! 8894.0 price point is valid!

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**Previous update.

**back to the idea.

It appears 0.236 fib holding up quite well. It is not impossible to reach 11306.4 (0.618 fib of 19891 to 6000, act as a strong resistance) or even 11498.4. If you look closely, there's a pink trend line which function as a strong resistance, and there's also (0.618 fib of 19891 to 6000, act as a strong resistance). A bull will not jeopardize his profit, most likely will do profit realization on those levels. Bitcoin need more consolidation to recover from the bear trend.

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Too early to tell but turns out it follow my Top.

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After the recent sellout by MtGox's trustees, I am not convinced there will be another rally before it reached our target.

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Yep. I am convinced it will not bounce at 8894.

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Waiting for candle to close at 6000 is a good idea and then wait to close green candle for confirmation.

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Fundamentals analysis is useful to call the top and bottom. This one certainly isn't bottom. 6k isn't touched. Although it does bounce at 786 fib retractment level. Which is not suprising.

FOMO will result in potential losses.

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FOMO will result in potential losses. once again I said it.

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This is still a valid analyis. Major reversal is not proven yet.

Trade active

Trade closed manually