MagicPoopCannon

The Bitcoin Bottoming Fractal Holds Strong! (BTC)

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Hi friends! Welcome to this update analysis on Bitcoin! Before we get to it, I just want everyone to know that I'm traveling right now, in a place that has horrible internet. I'm posting from my phone right now, but my posts for the next few weeks may be infrequent. Regardless, I will do my best to support all of you - the community that I love so much! Now, without further ado, let's get right to it!

Looking at the daily BTC chart, we can see that Bitcoin is continuing to hold the triangle that it broke down from (in black,) which is an attempt to further confirm the bitcoin fractal that I've posted about in the past several Bitcoin analyses. However, price still remains below the crucial 50 EMA (in orange.) For the 2015 bottoming fractal to continue, we should see a hold of the triangle, and then a rally above the 50 EMA , followed by a potential rally up to the top of the downtrend channel . If we see a move like that, it would be a nearly exact replication of what we saw in 2015, after the market bottomed on the weekly 200 MA (in pink.)

So, the 2015 bottoming fractal still holds strong, suggesting that the bottom is in for the 2018 bear market. Unless we see a powerful deviation, such as a breakdown from the triangle, a major failure to surpass the 50 EMA , and particularly a fall below the 3150 level, the evidence supporting an end to the bear market is continuing to grow. Until such evidence emerges, to convince me otherwise, I am personally of the opinion that the bear market has most likely ended.

I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic!  Au  revoir. 

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

-JD- 
Comment: The last BTC analysis, for your reference...

Exactly. It holds and has formed this rather rare bullish pattern between the 1W MA and EMA 200:

+1 Reply
Bitcoin is setting up for a rally targeting at least 4,000
Reply
@Cryspo, Nice! Very similar to what i have. Going to 2900-2800 before a large move up, if we cant hold 2800, we are going to 1900.
+1 Reply
nice
+1 Reply
well said. I have a similar opinion with regards to BTC bottoming. $3150 in Dec 2018 was the bottom. period!
Reply
etfsandstuff MartinArm
Dont think so. 2800 at a minimum. probably more like 1900 though.
Reply
Different technical setup from 2015 bottom. This is the fractal I'm watching. It's been a money fractal since December. But I could also see it playing out like this. Time will give us the answer. Won't rule out a big but very brief wick up before dumping down.
+2 Reply
Nothing major so far. Just consolidation before we get a move. It can be either way.
Reply
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