BTCUSD - Why the bottom could be in. Education

Bitcoin / DollarBitfinex

Description

⋅ Aug 26, 2018 11:31 AM

A few differences to note:
-Duration, this bear market has played out faster so far.
We can see this by the duration from ATH to 55 EMA failure.

-EMA's, at point 3) Failed support on the weekly 55 EMA of 2014,
price dropped below the 90 EMA.
(2018 has not failed the 90 EMA, yet.)

What happens next?
We need to get above the weekly 55 EMA. $7200.
If we fail the 90 EMA, I expect a touch of the 150 EMA. $4700

The 2 wicks into the weekly 90 EMA are reminiscent of the
2 wicks forming the bottom of the 14/15 bear market.

Unless we close a weekly below the 90 EMA there is good
reason to assume the bottom is in.

Comments

dRends35

⋅ Aug 27, 2018 12:35 AM

The bottom is 'in' on every oscillation

jackdavidpiney

⋅ Aug 30, 2018 10:42 AM

@dRends35, A daily SMA chart against a weekly EMA chart... I like the idea, regardless of your sarcasm.

dRends35

⋅ Aug 30, 2018 11:15 AM

@jackdavidpiney, Was probably drunk , i don't remember commenting. I can't really read the writing on the chart. i dont think the bottom is in, but lets see.

jackdavidpiney

⋅ Aug 30, 2018 4:22 PM

@dRends35, Poppin' bottles.

No worries, the idea is pretty simple, if we've seen the bottom, the weekly 90 is where we bounced. We all know how fragile that level is becoming though, so until we create a higher high sub 5k is more realistic than most would like.