BTCryptowatch

Bitcoin at 61.8 FIB level BOUNCE! Algo s Buy! Bottom in?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
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Take this chart for what it is

but by placing the btc             chart in Log scale we can clearly find a sport where we should draw out long term FIb levels from.

1. algo s and institutional money (whales like some like to call them) Usually (the majority of bounces) buy at the 61.8 Fib level. So here we are.
We are in fact about 5 to 15 % away still but its not always exact.

Am i myself confident this will be the absolute bottom? Not 100% sure, but there is a serious ammount of volume coming in and the chances of a double bottom are becoming great(er). People who are thinking down on BTC             may give up that wet dream once they see the bounce proceeding so keep an eye on LEVELS like i m showing you. The market has been freaked out all the way to this level, People who bought in at the highs in december freaked out sell and exit. Thats what institutions want so they can scoop up your cheap coins with millions

2. Secondly the 200 Moving average. As far as we can see in history Bitcoin             never dropped below the 200MA on the daily, in contrary on every touch it bounced up nicely and didnt look back. This bounce is a little different, a little slow, so we can still fall back based on fear and some greed with swing traders.

If you re sitting with money on the sidelines i would wait for a break of the trading channel i ll post a chart from with more detail below this post.

Trade safe guys, watch the levels to avoid panicing and making stupid moves.

And remember, rich people thrive on the stupid money, dont let you be one of them!

Comment:

There are more lower targets at 7K for example which we may need to visit, the uptrent is far from convincing at this point. My absolute bottom is above 6K and untill macd doesnt make a cross over on the daily, we may stay in rough waters.

trade safe
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