BTC has not yet hit the bottomProbably this is not the kind of news a lot of people are waiting for, however I strongly believe we have not yet seen the bottom on BTC .
Looking at the daily trend and comparing previous cycles to the current developments, I observe the following:
So far, we have seen the 50day EMA surpass the 200day EMA only once on the downtrend. Historical cycles have shown a minimum of 2 crosses before starting a new long term bullish trend.
In addition, volume still is decreasing. Prior cycles have shown clear spikes in volume coinciding with the bottom of the bearish trend. BITSTAMP:BTCUSD
The main criteria I would therefore be looking for to enter long term buys:
- min of 2 uptrend touches/crosses of 50 day EMA to 200 day EMA.
- Spike in volume correlating with lowest low in bearish trend.
In this post I am only sharing my observations and personal opinion. This is not trading advice.
I'd love to get your opinions and thoughts in the comments. Please like the post if you appreciate the analysis.
