This might have been the local low. Final low yet to come.
Good news, it seems that BTC shows some signs of life after the last two weeks.
Several things point towards 3450 on bitstamp having been the local low for now.
It surely is a weird price that I didn't see coming, I thought that 4200 would act as strong support, but it went through that historical support line like butter.
That confirms by belief that lines aren't the best tool for longterm btc charting.
Now, if we analyze the previous time the situation was similar, was the low end of september 2014, to the final low in january 2015, only 4 months later.
Since we seem to be 2 months behind, the low in our case should be in march.
It would be excellent if this here was indeed the local low at 3450, because if the same ratio would apply (275 USD to 153 USD), we would end up at a low of 1900.
Of course this is not super exact, but it points to the same low as our previous analyses, which all pointed to an area somewhere at 2000 plusminus a few hundred.
Weekly RSI and stoch RSI look very similar also, and shorts on finex are above longs, showing that too many people believe now that we'll go further down. The market
of course likes to do the exact opposite, hehe.
Now, let's hope that this was indeed the local low, but it is looking good. I am long for now, switching back to short in a few weeks.
We might go to 5500 in the coming weeks, then the final low in march. A low at 1900-2300 would show strength, since we'd not come near the previous ATH at 1200.
Only if we'd go below 1200, would the market show weakness. However, as it is looking now, the chances for a sub 1200 scenario are very low.
Good luck to you all :)
Several things point towards 3450 on bitstamp having been the local low for now.
It surely is a weird price that I didn't see coming, I thought that 4200 would act as strong support, but it went through that historical support line like butter.
That confirms by belief that lines aren't the best tool for longterm btc charting.
Now, if we analyze the previous time the situation was similar, was the low end of september 2014, to the final low in january 2015, only 4 months later.
Since we seem to be 2 months behind, the low in our case should be in march.
It would be excellent if this here was indeed the local low at 3450, because if the same ratio would apply (275 USD to 153 USD), we would end up at a low of 1900.
Of course this is not super exact, but it points to the same low as our previous analyses, which all pointed to an area somewhere at 2000 plusminus a few hundred.
Weekly RSI and stoch RSI look very similar also, and shorts on finex are above longs, showing that too many people believe now that we'll go further down. The market
of course likes to do the exact opposite, hehe.
Now, let's hope that this was indeed the local low, but it is looking good. I am long for now, switching back to short in a few weeks.
We might go to 5500 in the coming weeks, then the final low in march. A low at 1900-2300 would show strength, since we'd not come near the previous ATH at 1200.
Only if we'd go below 1200, would the market show weakness. However, as it is looking now, the chances for a sub 1200 scenario are very low.
Good luck to you all :)
Shorts are still very high, so as long as that is the case, it'll pump.