Bitcoin is Trying To Form A Bottom! (BTC)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello, my beloved friends! Welcome to this update analysis, on BTC . Let's jump right in. Looking at the four hour chart, we can see that after dipping below the bottom of the downtrend channel , BTC almost touched my downside target, but it was stopped just above, around $6,000. Then, the buyers rushed in, with strong volume , pushing BTC back up inside the downtrend channel . One thing I want to note here, is the volume . You can see that at the bottom of the last bear flag , the green volume was very high. Again, during today's bounce, the green volume is extremely high. This is showing us that the bulls are showing up in force, and they're trying to form a bottom here.

And now, my fellow crypto lovers, I'd like to draw your attention to the star of this analysis — the MACD! As you can see, the MACD has formed three low troughs. However, each low trough has been higher than the last. BTC , on the other hand, has continued to trend lower. This is a massive bullish divergence , and a possible clue to a major reversal. With that said, like all analysis, it is conditional. We need to watch the MACD , and the price action closely. Specifically, we don't want to see the MACD break the rising green dotted support level , and we definitely don't want to see it make a lower low. People have been pressuring me to produce a reversal signal, and this is something that could POTENTIALLY be a signal of a bottom forming. Keep in mind though, if the bullish divergence is broken, it would be negated as a potential reversal signal. We can see that a bullish crossover is impending on the MACD , confirming the return of the buy-side pressure. Additionally, many of my downside targets

In summary, the bulls are posting some strong recovery volume , as they fight for control of the market. There is a massive bullish divergence on the MACD . There is a bullish crossover on the MACD . The bulls have pushed BTC back into the downtrend channel , and BTC has practically made a full correction to my downside target.

In a stark contrast, the cryptocurrency market capitalization chart tells another story. There is no denying, that it looks like a bubble that has just ruptured, and is in the midst of complete implosion. The bottom of THAT chart, appears to be miles lower.

This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!

***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***

-MPC loves you-

Hi, any update n BTC/ USD. any probability of touching 6K to 6.5K

it's going down already. bearish divergence in the 30 min chart from this afternoon
Hope for double bottom. 6K again.
+2 Reply
be_rry Koci_cz
@Koci_cz, me too!
+9 Reply
Hi...any update ? Will Bitcoin hit 6000$ again or it gonna keep going up ?
+10 Reply
It will hit 10K on the 16th unless emotion gets hold of everyone again. Which its looking like. I thought we would go to 7700 we barely broke 8K
+3 Reply
Bear Flag.
+1 Reply
SrTocino cryptovest21
@cryptovest21, with this massive volume?
Mr_Solar SrTocino
@SrTocino, Volume decreased, I say double bottem at $6000 then up.
+1 Reply
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