Welcome back,
Disclaimer: This is NOT trading advice. These are solely my opinions that I have posted for educational purposes only. I hope you make tons of money, I am not responsible for any financial losses. Thanks for reading!
Bitcoin has been in an overall downtrend since early November highs just under $65,000. Interestingly, Bitcoin has completed two 6 point cycles drawn out above on the weekly chart. The "1" starting points of each cycle began on the same bitcoin logarithmic growth curve each time; we appear to be finding support at the very same curve where we see the "1?" currently, and with the weekly RSI at lows we have not seen since March of 2020, coupled with possible inflection on the momentum indicators: it is possible we could be entering into the next accumulation phase.
4H
As we zoom in, the pattern suggests a bottom of $39,600. If we look at the growth curve however, a bottom of $40,269.36 is suggested. The local low of $40,571.23 is within 0.01% of this figure. Trend support/resistance lines are drawn at $52,100 ; $49,600 ; $48,000 ; $45,500 ; $39,600 ; and $28,750.
1H
On the hourly chart, Bitcoin is trading far below the 180h(blue) and 500h(orange) simple moving averages. Given the pattern drawn in red, it will be interesting to see how this one ages.
Do you think Bitcoin has found a bottom?
Disclaimer: This is NOT trading advice. These are solely my opinions that I have posted for educational purposes only. I hope you make tons of money, I am not responsible for any financial losses. Thanks for reading!
Bitcoin has been in an overall downtrend since early November highs just under $65,000. Interestingly, Bitcoin has completed two 6 point cycles drawn out above on the weekly chart. The "1" starting points of each cycle began on the same bitcoin logarithmic growth curve each time; we appear to be finding support at the very same curve where we see the "1?" currently, and with the weekly RSI at lows we have not seen since March of 2020, coupled with possible inflection on the momentum indicators: it is possible we could be entering into the next accumulation phase.
4H
1H
Do you think Bitcoin has found a bottom?