We might have found the bottom on BTC
Updated
Having trouble posting charts all day. This is what I wanted to post this morning.
Well, yesterday was quite crazy and we even broke the green support zone. I got to admit I didn't expect that. As of now we are still in a very steep downtrend channel, but hopefully we found the bottom here. Bull and bears are still fighting this one out. If we take a look at the chart we can see we bounced around a point we bounced earlier on. We should break out of this downtrend channel to confirm this was the bottom for now. If that happens I do expect we will reach the 8800/9100 zone in a few days. This is quite a strong resitance zone, but we will come to that later.
If we get lower I hope we will bounce again around 7600/7700. This is the bottom of the log trend line since 26-07-2017. This is a very important point for the bulls/whales around us as can be seen on the following chart. I already bought some at the current bottom and will try to add more if it gets this low again with a stop loss below 7.5k.
Below that we could find some support at 7500 (based on the normal uptrend line in the published chart) but my guess is we bounce at 7/7.2k. If we break that we might retest the last log trend line at 6.4/6.5k (on the image chart above). My guess is we are going to retest the 6k if the bears break the 7.5k lvl because of the news about the death cross etc. On the published chart there's also a bearish megaphone which could come in play then. We could even go lower, but that's a concern for later. (it hopefully isn't a concern)
Well, yesterday was quite crazy and we even broke the green support zone. I got to admit I didn't expect that. As of now we are still in a very steep downtrend channel, but hopefully we found the bottom here. Bull and bears are still fighting this one out. If we take a look at the chart we can see we bounced around a point we bounced earlier on. We should break out of this downtrend channel to confirm this was the bottom for now. If that happens I do expect we will reach the 8800/9100 zone in a few days. This is quite a strong resitance zone, but we will come to that later.
If we get lower I hope we will bounce again around 7600/7700. This is the bottom of the log trend line since 26-07-2017. This is a very important point for the bulls/whales around us as can be seen on the following chart. I already bought some at the current bottom and will try to add more if it gets this low again with a stop loss below 7.5k.
Below that we could find some support at 7500 (based on the normal uptrend line in the published chart) but my guess is we bounce at 7/7.2k. If we break that we might retest the last log trend line at 6.4/6.5k (on the image chart above). My guess is we are going to retest the 6k if the bears break the 7.5k lvl because of the news about the death cross etc. On the published chart there's also a bearish megaphone which could come in play then. We could even go lower, but that's a concern for later. (it hopefully isn't a concern)
Note
Other chart I was talking about:coinigy.com/s/i/5aba274196d2b
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Seems like the problem was an "-" in the title. Maybe that's not allowed?Note
Be carefull, We will need some confirmation and stay here to say we really broke out, but I think we've done it. :-)Note
Allright, So I cleaned up my chart, and look what I found! Another falling wedge! I don't think we will get to the very bottom of it though, because we will hopefully pop here or at 7600Note
We double bottomed around 7700 (slightly lower). Stoch RSI and RSI made a higher low, which makes the divergence bullish. Let's break out of this wedge!Note
Well, we broke the wedge, but the 1H cloud, 50EMA and 0.236 are giving this pump a hard time. Let's see where this ends.Note
Note
So, we really got a breakout with quite good volume. To me this looks like a double bottom "W" reversal. This means often we go back to the neckline as shown below before the next leg up:Trade closed: stop reached
Alright, so we broke the 7600/7700 and found some support at 7500. This wasn't a very strong bounce though, so I think we might be going lower. Hopefully the 7.1/7.2k line will hold. We will see what happens but I might be waiting to rebuy in the 6/6.4k area.
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