TA: BTC/USD - Is the bottom in? I don't think so...
After Bitcoin kissed 7500$ that was predicted as bottom by many analysts, many are now wanting to know if this is the bottom, and should they re-enter the market and buy the dip.
My analysis shows that we are in for another low.
Markets are fractal in nature, and the newest wick (7500$ bottom) in my mind is the start of the third fractal under the descending wedge pattern. The price just kissed the 0.236 Fibonacci level, and there is no support there. The real support is the next blue line underneath it, which actually is the 7480$ price. So what I think its gonna happen is that we are in for another kiss to approximately 6800$ which will be the final wick, and the 4hour candle will close above that level leaving the open there.
Looking at historical data I've found one more time BTC formed a descending wedge.
After the third fractal has ended the price went beyond and broke up from the triangle, and the bottom was at the previous resistance level, which now served as support.
So my conclusion is that 7480 will be the bottom but a firm one, not just this wick that we are seeing now.
Let's see how it plays out. Happy trading :)
ok already I vote. do not forget to vote back
I didn't ask for your upvote and didn't offer one in return, so don't do that in the future this is not how this community works :)
giving without expecting something back makes free and happy!
lets see how it works out, if it never touches 7500 Dollar again i got someone elso to blame ;P great weekend to all of you! ... wait, i got buy order already filled at 7400 Dollar(6200 EUR)... so maybe its really hitting it again. see ya in da mornin
I want to open a long position and trade on margin so am really looking for a safe bet to kiss one more lower low, if not am gonna open my position when price breach the triangle, but if you just want to buy thats a good level
ok understand, good luck for you!
where are u trading? i got some money on etoro. how you will time the opening of the position? got your alarm ringing when it hits the area?