The Bottom is in! My Bitcoin Bottoming Fractal Holds! (BLX)
They all keep talkin, but Bitcoin keeps walkin! =D Welcome friends, to this update analysis on Bitcoin! Let's get right to it! Looking at the daily chart, you can see that BTC is continuing to charge higher, just as I had projected in recent analyses. From here, I am still expecting price to rally to the top if the channel, around 4400 or so.
I am now fully convinced that the 2015 bottoming fractal has PROVEN that the bottom is in. If you follow me on Twitter, you know that I have been long since late December, and that I've been repeatedly saying that the bottom was most likely in. Yes, there were a couple of times where I entertained the idea of price falling below 3150, but those few analyses projecting falls to the 1100 area were dependent on a breakdown below 3150, which clearly never happened. As a technical analyst, it is my duty to occasionally entertain worst case scenarios in the market, especially when things look uncertain, as they did during the time of those analyses. Regardless, some people have expressed their dissatisfaction, and to them, I will say this...
When a market is at a major inflection point (like a bull or bear market coming to an end) it usually takes time for confirming technical data to materialize. The technical data at such inflection points can often be mixed, which results in mixed analyses, especially with the quiet uncertain bottom that is currently forming in Bitcoin.
Many people don't think that the market has bottomed, but I do. I could be wrong, but I have been buying since December, as if the bottom is in. As far as I know, I am the only analyst who discovered the 2015 bottoming fractal, in which I showed how the current price action is exactly like the bottom that was formed in the last bear market. The original 2015 bottoming fractal analysis is attached below.
Getting back to the an analysis, we can see that the MACD is expanding higher above the zero line, while price is also rallying as expected. Today's volume is currently a bit light, but the volume should increase as the day progresses. In any event, the 2015 bottoming fractal projects a rally to the top of the downtrend channel (in blue,) and so does yesterday's analysis, where I showed that sustained trading above the 50 EMA has recently produced rallies to the top of the channel. Price is moving as planned, and I expect it will continue to do so.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
I am now fully convinced that the 2015 bottoming fractal has PROVEN that the bottom is in. If you follow me on Twitter, you know that I have been long since late December, and that I've been repeatedly saying that the bottom was most likely in. Yes, there were a couple of times where I entertained the idea of price falling below 3150, but those few analyses projecting falls to the 1100 area were dependent on a breakdown below 3150, which clearly never happened. As a technical analyst, it is my duty to occasionally entertain worst case scenarios in the market, especially when things look uncertain, as they did during the time of those analyses. Regardless, some people have expressed their dissatisfaction, and to them, I will say this...
When a market is at a major inflection point (like a bull or bear market coming to an end) it usually takes time for confirming technical data to materialize. The technical data at such inflection points can often be mixed, which results in mixed analyses, especially with the quiet uncertain bottom that is currently forming in Bitcoin.
Many people don't think that the market has bottomed, but I do. I could be wrong, but I have been buying since December, as if the bottom is in. As far as I know, I am the only analyst who discovered the 2015 bottoming fractal, in which I showed how the current price action is exactly like the bottom that was formed in the last bear market. The original 2015 bottoming fractal analysis is attached below.
Getting back to the an analysis, we can see that the MACD is expanding higher above the zero line, while price is also rallying as expected. Today's volume is currently a bit light, but the volume should increase as the day progresses. In any event, the 2015 bottoming fractal projects a rally to the top of the downtrend channel (in blue,) and so does yesterday's analysis, where I showed that sustained trading above the 50 EMA has recently produced rallies to the top of the channel. Price is moving as planned, and I expect it will continue to do so.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Comment:
2015 bottoming fractal analysis...
