Nickonomics

Bitcoin (BTC): Forming Bottom

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
In the previous idea we anticipated price drop to 5876 as the downtrend developed:
Currently, there are a couple of technical factors that suggest the bottom has either already formed or is very close to it:
  • There are complete 5--wave impulses of minute and minuette degrees on the chart;
  • A nice long-legged Doji supported by a spike in volume ;
  • Clear bullish divergence patterns.
Besides, people are quite pessimistic now, which is great for buying. All key levels are drawn on the chart.
Comment: Test of resistance zone. Double top is possible.
Comment: Not the cleanest of Inv H&S', but still:
Comment:
Comment: Considering the formation of Triangles in many altcoins, downside price action in BTC is more probable now. A Double bottom is a preferred scenario. Waiting for confirmation, out of market for the time being.
Hi, howdy?

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Total Coin Market Cap : 2014 vs 2018
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I think there is a correlation between Total Coin Market Cap and Bicoin Dominance.
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I think the trend will soon change.
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Nice chart, Thanks for sharing. Good luck trading.

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+2 Reply
im thinking there might be one more wave down, this move up looks much like an ABC up more then a 5 wave formation
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Agree with you, bro @Nickonomics
+1 Reply
Nickonomics taylor.ranny
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With you, @Nickonomics
+1 Reply
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