Did bitcoin find a bottom?
Bitcoin had a very good rally at the end of 2017. A correction would be healthy. At the end of december 2017, BTC/USD started correcting. This correction is still going and some people might even think that we are in a bear market.
Today BTC/USD had some good buying support. The daily RSI i getting closer to the oversold zone which is a bullish sign. The support propably came from the previous high, the support of the flag and the 200 MA.
If we look closer, there are several major resistances that we have to break through to confirm that BTC/USD made a bottom and that we are back in a bull market. On the image below, a purple line is drawn which represents a resistance of the falling wedge. The blue line is the resistance of the falling flag. Both are bullish indicators.
If we fail to break through the purple resistance, then the green lines could potenitally be the pathway for the coming weeks with a lower bottom around $ 6900. If bitcoin could break the blue and the purple resistance, then there are still several major resistance levels around $12200, $13000, $ 17200 and the all time high around $ 20000.
Disclaimer: This is not financial advise.
I just want to give my humble opinion on some products by doing technical analysis. There may be some minor and/or major flaws. Nobody is perfect and I'm willing to learn from my mistakes through your opinions. Thank you.
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https://steemit.com/cryptocurrency/@bo3ia/risk-management-in-cryptocurrency-and-stocks
Image source: https://www.tradingview.com/
Hi just a heads up you may want to re-read your article. You keep referring to December 2018.
Thank you!
Honestly we need it to not go under 10k after the next dip. I feel like this dip will snap it back up to 17k and then the new bottom will always be above 10k..not 8k this is scary to see as far as prices!
You might be right, but i would still have a relative bullish sentiment if we would reach $6900. On the other hand, if we would drop lower than $6900-ish, then i would go into fiat and wait it out till i see some bullisch/bottom signs.
If we can stay above 8800 for next week I think we may be a trend reversing. That doesn't necessarily mean it will shoot back up, but maybe it will stop falling so fast. If it is going to act like a store of value then those things move a percent at best per day.
It's all relative... The market is so small (market cap wise), so i think the crypto market should be alot bigger before we see "just percents up or down on a day". I'm not realy fond of Bitcoin as a store of value because on a technical level, there are way better cryptos out there. Bitcoin is just the first and the most known, thats why, for now, it is the biggest (in market cap).