Bitcoin: Has bottomed already?

in #bitcoin • 6 years ago


Technical analysis : Bitcoin / USD
2hr charts.

This is the prior analysis presented a few days ago


https://steemit.com/bitcoin/@luiggih/bitcoin-an-alternative-elliot-wave-count

Let's see what has happened to BITCOIN


Bitcoin has touched the bottom of the bear channel.

Could be the ending target of C wave making a potential triple bottom.

For informational purposes only

#steemit #cryptocurrency #steem #trading
6 years ago in #bitcoin by
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     6 years ago 

    Very nice bitocin post @luiggih! My friend have created awesome Steemit t-shirt and I want to share it with our amazing community! More detailed pictures here:
    https://teespring.com/steem-to-the-moon
    front (7).jpg

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     6 years ago 

    At the Consumer Electronics Show this year, a company had an incredible printer that directly printed graphics onto t-shirts. If I didn't have a good job, and had a spare $25,000, I would be making a bunch of blockchain/crypto themed t-shirts and selling them. I think there is a really big opportunity.

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     6 years ago 

    Given that TA is about probabilities, what do you think is the probability that the bottom is in rather than a potential breach of the February low to the downside? Just looking for a sense of your confidence in the scenario you presented. More like 80:20 or 55:45?

    And I know, it is not investment advice and all that.

    Thanks

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     6 years ago 

    I'm overall bullish in crypto. Fundamentals are great and a few months ago Bitcoin value was 3.5x today's value. I think Bitcoin is trading at discount. But this is just an opinion.
    Technical patterns overall present a 60-65% of success statistically speaking in the long run. So i would say 60-65% of the times MIII level is not violated.

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     6 years ago 

    Awesome, thanks for the response.

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     6 years ago (edited)

    All the bad news of hacks has to come to an end at some point and the fear that so many have about regulation. It's hard to believe Bitcoin ratcheting down much more, given the strong resistance around this triple bottom. I haven't even updated my crypto tracking sheet in a while. It keeps the emotions out. My rule is to only look at my portfolio value when we are in a strong uptrend.

    Regulation will come and it will actually bring some order to the market.

    You're doing great on your posts and analysis!

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