Have We Finally Reached The Bottom For Bitcoin? (Video)
Finally we have reached major support for Bitcoin. We reached the important 61,8% retracement area arount 7500-7600 and we got some decent volume coming in at the lows of the day. Now, lets have a look at the daily chart:
Comment: From the chart we can see that we formed a nice looking hammer for the day and that we touched the very important support level from back in November. This could be key here going forward.
If you watch the video I am also showing you the hourly volume during the dip and how that compares to old dips.
Now, is this enough, will we bounce off from here? I dont know, nobody knows, but Im helluva more bullish now that I have been in the last 2 months.
What could happen next is that we could retest the support again and make a double bottom or we could start moving back up from here right away.
Today (Saturday) it does look like we are forming another hammer and if we close today above the important 200 day moving average, we could be on the right track.
However, I want to end this analysis by having a look at the area line chart:
Comment: It does look fairly good at the moment, but we do have a long journey ahead of us (or quick in the crypto world) because we absolute must have a daily close above 11700 which is the last major peak. So pay a lot of attention to that in the near term if we will continue to go up.
Happy investing!
All hope is that alt-coins would run us as crazy as possible making huge gains against Bitcoin. I've already emptied my liquid fiat and I'm always laughing when people say don't invest more than you can afford to loose. last time I checked cryptos weren't bonds or stocks. Cryptos are safer if you have a clear and sane mind.
Happy investing!
Totally agree with you on fiat vs cryptos, now is the time to accumulate more. At the moment I dont see the alts driving this higher, but Bitcoin is still the locomotive here.
However, I do think that alts will outperform Bitcoin for 2018, but lets make this bottom foundation first in Bitcoin.
yea now it's great time to buy BTC, I think in some point in this year he will clib up to 30k
for sure, always buy the dips, if we will do a simple range doubling, we should reach 33k at least in the next leg-up, but lets for 11,7k first.
I hope with the retracement now at 60%, that we get some stability. Quite happy for it to drift sideways for a couple of days. I do think that after the 2nd future contracts closures on the 14th February , there may be upslope from that period. I expect that the market will certainly rise from 1st March, so have targeted that date and accumulating some juicy buys while the prices are low!
Awesome, you are doing the right thing here.
Why thank you. The FUD over the last couple of weeks has certainly put a damper on things. However the markets probably needed it. Surely it can't get any worst? Stability would be welcomed. Simple plan. Buy as much now before the historically proven inevitable rise again of not only Bitcoin but all other altcoins. Improving on my position now becomes priority. 33K sounds promising.
I think it will going down more than this , but how you said nobody knows . So it could still going down or maybe it will pump. I hope it will pump :) .
Nice work
Thank you for your analysis ;)
Thank you very much for your analysis.
It feels like it's going to stop and it's going to bounce back.