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: 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.
Новое обучение:
Ежедневные апдейты в Телеграме:
Трансляция живой торговли в закрытом чате.


Nice chart, Thanks for sharing. Good luck trading.

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+2 Reply
Agree with you, bro @Nickonomics
+1 Reply
Nickonomics taylor.ranny
With you, @Nickonomics
+1 Reply
also in 1H frame it seems like accumulation phase to me. did you check it?
+1 Reply
Nickonomics ahmet0315
@ahmet0315, I did. A short-term pullback is quite possible.
ahmet0315 Nickonomics
@Nickonomics, agree. thanks
good angle thanks
+1 Reply
Hi, howdy?

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