TL:DR - Bounced off of $6100 support, this could signal a double bottom trend reversal. Otherwise $5500 is the next stop. I don't buy Bitcoin but I would be buying now with a stop loss at $5950.
This is the BTCUSD chart with 1 day candles. There is blood in the streets again as weak hands get shaken out. Bitcoin is down almost 70% this year after its epic run at the end of last year. My symmetrical triangle formation has unfortunately seen the break go the way of the bears and not the bulls. So is it time to panic sell and hope to get back in at a lower price?
We have one hope left and that is for a broader double bottom formation. Price hit it's lowest in 10 months on 2/6/18 right at $6000 where we saw buyers pile back in for the first time since the all time high in December. $6000 is the critical point, well, less of a point and more of a range from $6k-$6.1k. Look for a reversal bar if and when price hits $6000 (we look to be have formed one in Ethereum). This will come in the form of a bullish pin bar (such as the one seen on 2/6/2018) or a bullish engulfing candle like the one seen on 4/12.
A break below $6000 and the next support are $5500 and $4900.
What other indicators can we look at? I have found BTCUSDSHORTS is a great indicator. When shorts reach an all time high OR skyrocket we usually see a short squeeze and bullish reversal (look at 4/12). Short positions are growing quickly and nearing all time highs. As a contrarian indicator I like this sign.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
This is the BTCUSD chart with 1 day candles. There is blood in the streets again as weak hands get shaken out. Bitcoin is down almost 70% this year after its epic run at the end of last year. My symmetrical triangle formation has unfortunately seen the break go the way of the bears and not the bulls. So is it time to panic sell and hope to get back in at a lower price?
We have one hope left and that is for a broader double bottom formation. Price hit it's lowest in 10 months on 2/6/18 right at $6000 where we saw buyers pile back in for the first time since the all time high in December. $6000 is the critical point, well, less of a point and more of a range from $6k-$6.1k. Look for a reversal bar if and when price hits $6000 (we look to be have formed one in Ethereum). This will come in the form of a bullish pin bar (such as the one seen on 2/6/2018) or a bullish engulfing candle like the one seen on 4/12.
A break below $6000 and the next support are $5500 and $4900.
What other indicators can we look at? I have found BTCUSDSHORTS is a great indicator. When shorts reach an all time high OR skyrocket we usually see a short squeeze and bullish reversal (look at 4/12). Short positions are growing quickly and nearing all time highs. As a contrarian indicator I like this sign.
***This is not investing advice. I am not an investing professional. Do not invest what you cannot afford to lose. All investors should seek guidance from licensed financial advisers and not random people on the internet.***
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.