I am now fully convinced that the 2015 bottoming 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 , 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 analysis is attached below.
Getting back to the an analysis, we can see that the is expanding higher above the zero line, while price is also rallying as expected. Today's is currently a bit light, but the should increase as the day progresses. In any event, the 2015 bottoming projects a rally to the top of the (in blue,) and so does yesterday's analysis, where I showed that sustained trading above the 50 has recently produced rallies to the top of the channel. Price is moving as planned, and I expect it will continue to do so.
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***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
So at least for me, it's hard to know what will happen. Will there be a massive sell off following constantinople upgrade as expected because of "buy the rumor, sell the news" or will the ascending triangle pattern that's been building for almost 3 months now finally confirm the market bottom is in the past?