Nickonomics

Bitcoin (BTC): Finding the Bottom

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In the previous idea we defined the current reversal zone as 6950-7100. Overnight the price dropped to 7040, triggering some limit orders:
I still expect the bottom to be formed in the next couple of days. There a couple of technical readings to consider:
Breakout from the wedge may serve as a trigger for longs.


Comment: Mind that we may still be missing one wave down as part of Ending diagonal triangle pattern. Be sure to place appropriate (safe) SL orders.
Comment: Stellar (XLM) looks very promising for medium-term trading:
Comment: So far, so good. Important intraday levels here:
Comment: EOS smashed by 'epic' vulnerability reports today. Be sure to set alerts for this potential H&S bottom:
Comment: Correction time, impulse done.
Nice try finding the bottom, in the end the bulls took control
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dont you see the more nice looking count for this structure?
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I think, we'll have another reversal to 6900 levels or lower before we really go up.

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@Nickonomics what do you mean by that? we go down now?
+1 Reply
Big-MacD pranavchadha18
@pranavchadha18, good question
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Hey! Thx a lot, good vision. We think still no changes for better. BTC is sinking.
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Hi, thx for your analysis.

Is your current most likely reversal scenario still around 6950-7100 i.e. more likely than for example somewhere around 6500? I find 6500 or lower a bit more likely even if we bounce a little bit on 7k because of the resistance we will face around 7600 (see chart below).

Also the channels you draw from the beginning of your waves doesn't seem to have many confirmations. Is this a bit irrelevant in your opinion as it still defines a range? Or how do you rate the validity of these channels?

+2 Reply
jerky_rs pragmaticbestfit
@pragmaticbestfit, nice chart.
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