Hi guys. All eyes eagerly await the 'bottom' of this volatile bear market down trend. Bitcoin isn't perfect (yet) but I belive in the tech so I personally do not think it will go to zero. Looking at the 1 day chart and utilising a slightly amended fib retracement (50% removed) I am going out on a limb and calling the bottom somewhere between $5,547 - $5,856...
Have we seen the bottom of the correction of bitcoin?
It is difficult to assess where the bottom of the current Bitcoin downtrend will be. Fibonacci lines as shown suggest $5010 as a possible target, but we also should watch the support at $5933.
BTC APPEARS TO HAVE FORMED AT THIS POINT A DESCENDING TRIANGLE AND IS LIKELY TO HAVE ENDED THE WORST OF THE CORRECTION UPON BREAKING OUT OF THE TRIANGLE. 8727 RANGE IS THE MOST LIKELY PRICE LEVEL FOR SUPPORT TO RESULT IN AN TREND REVERSAL.
Nexium found the support at 1140 satoshi that was confirmed by a 427.2% Fibonacci retracement level applied to the corrective wave after the uptrend trendline breakout. There was a very clean support rejection and besides this the previous bottom price of the Nexium back in the end of 2016. This is indeed a key price for NXC/BTC and while the support is being...
The news didnt bring the effect anticipated however could this be a double bottom for NEO? Potentially an inverse head and shoulders to form soon? I strongly believe in this coin for the long term. I will hold my coins for a while. We will see..
It seems like waves is at the bottom again, there is a proven support in the boxed zone. Triple bottom is shown buy the elipses. This is where it usually decides to go up again. Could be easy money if BTC stabilizes a little but BTC has beast mode on again.. IF breaks support, there will be more blood... I will take the risk with this triple bottom... =)
Analizing the daily chart on renko visualization i put a good indicator to find the possible bottoms. As you can see when the bars turn from grey into green we have a good chance to find the bottoms, in particular if combined with bars that reach a top and begin to retrace. Now we have the green phase that lasts from 2 bars and we need a confermation to find the...