My technical analysis of BTC (time to buy?)
Updated
I wanted to back test a couple indicators I like in this post. I did this with the expectation that if you followed the indicators I chose you'd make money, that was definitely not the case. I think this illustrates that you can't rely on indicators entirely, there is a more human aspect there.
Perhaps I just chose some lousy indicators for the nature of cryptos and the charts they form.
Either way, my personal view is that they may have stabilized and found bottom, it has tested the support around $6,300 several times, and has a support around $6,000. I see a lot of bullishness surrounding Bitcoin still, I wouldn't be surprised if there was a large run up.
Happy trading,
-Kristian
Perhaps I just chose some lousy indicators for the nature of cryptos and the charts they form.
Either way, my personal view is that they may have stabilized and found bottom, it has tested the support around $6,300 several times, and has a support around $6,000. I see a lot of bullishness surrounding Bitcoin still, I wouldn't be surprised if there was a large run up.
Happy trading,
-Kristian
Note
Interesting to see such a big move up. I think this double bottom will signal a more long term uptrend. (the double bottom I'm referring to is the fact that in the initial drop in intraday trading it dropped below 6k, but found bottom here above 6k.Note
Meant to add the other parentheses.
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.