derickonfire
Short

Has BTC really hit bottom? A call for 8.5k still to come.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Fuck it, I've failed my past 2 price predictions - so why not gamble a third time ? We are all speculators here, no one REALLY knows what happening.

My thoughts, BTC             has not tested the 200ma in a long time, I think it would be best that we do this now before our ascent to 40k or 100k.

Check the green circles for the trendline , and see that the 200ema will possibly meet trendlines and some strong supports around the 8.5k range.

I am not convinved we've reached bottom yet, as BTC             has a strong history of dipping strongly, and reversing an equal amount the very next day. Look at the previous market dips, strong candle down, strong candle up. We have not seen that yet, which means a LOT of strong and interested buyers have not yet come into BTC             .

I give this about a week to play out, with some possible for swing and daytrading the action until then.

Cheers!

make sure you always HODL a good part of your portfolio long-term, and don't day trade with everything, you will get burned.
Comment: still aiming for the 200 ema, though it is taking alittle longer than I expected.

Think we will hit about 9k bottom depending on the exchange.
"Fuck it"

Made me laugh hard
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@DCFreak, We could all use a little laughter during these times!

Cheers.
+1 Reply
Interesting analysis. I agree that the bounce off $9,200 has not been convincing at all, but I think that was the bottom. The slow recovery may be due to so much expectation of lower prices. I guess have to suffer a few more days of uncertainty about whether to buy or sell before the market makes a more decisive move.
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derickonfire SammyNoden
@SammyNoden, Nothing we can know for sure.. let's wait and see!
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Looks like we're on a breakout up an done testing.
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@ryanmack, I see this.. it's nice, but not absolutely convincing yet. I'll be more persuaded if we break 14k within the next day or two.
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ryanmack derickonfire
@derickonfire, Thanks. If we get resisted at 14k, what could that mean?
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@ryanmack, Imo.. watching for support again around 12k and then another attempt at 14k, else down over the next 6-7 days towards my buy target (hope, haha).
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ryanmack derickonfire
@derickonfire, I see. Hope as well. Thanks for sharing.
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ThriveHawk5 derickonfire
My buy target going off some TA work I have seen is around $5.5k. I am a noob, so still learning and going off the predictions of others. I bought my first BTC above $14k, so I have watched my intial investment fall dramatically. I know this is the way the market goes (up and down), so we will see. @derickonfire,
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