Bitcoin: starting to look a bit better, but stay alert
Updated
Bitcoin is slowly stabilizing around the 6.400$ area
Thanks to Enzo doing a surprising "distance work", we managed to see that Bitcoin started to settle above the major resistance of the descending triangle.
This is encouraging, especially knowing that a compound bottom (ok a compound fulcrum bottom, thank you M. Brandt) was as well formed inside a part of the descending triangle structure (green rectangle).
But we need to remain alert:
-if Btc would follow the 2014-2015 fractal, a last leg down could happen.
-the 2 smmas are still pointing downwards and were not pierced and used as a support by Bitcoin.
Anyway, even if the bottom was hit around 5.700$, we are very certainly headed towards a long period of low volatility with a lack of exciting bullish momentum, everyone and her mother bought Bitcoin during the 2017 frenzy.
This market needs new investors, or needs the previous investors to rebuy, or it will barely move to the upside.
In the very very very, very very very best scenario, we would really like Bitcoin to produce a sort of structure like this one :
Conclusion: there might still be some surprising downside to happen, but there should be a lot of upside to possibly forecast if this market does not go to zero.
Stay tuned, stay safe, don't be too greedy or this market will literally gobble you.
Comment
Just a simple question;Who will buy bitcoin if it is worth 40.000 Usd, 100.000 Usd as the upside would be greatlylimited?
Why not to buy for exemple some Ltc at 300 Usd or some Xrp at 3 Usd as there would be some more potential upside, so better rewards for x2,x5,x10.
Why and how would then Btc worth 200.000 Usd?
Comment
Ok looks like the market wants the last leg down.
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