Bitcoin is now out of the channel that brought it from 7200 to 3600 in less than 48 hours. Hopefully it will not go back into that channel, because that would mean sub 3K.
Trade active:
New channel found. Let's see how this plays out.
Trade closed: stop reached:
Stopped out of this one. We're not seeing a rebound yet, it can go sideways for a while through the capitulation phase before we see a true bottom.
Trade active:
Another move out of the channel is about to be tested.
Comment:
And we're off!
Trade closed: stop reached:
Stopped out of this one too at a small profit. Pattern was broken so all bets are off.
Trade active:
Back in... got faked out of that.
Comment:
This trade is done. It was good while it lasted!
Comment:
Just to recap, this is how I identified the bottom. The move back up was more gradual than expected.