ozzyman2

Why BTC will hold 40k and bounce back up.

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Do the opposite of the crowd and in most times you will come out better.

Here are my reasons why I believe the bottom is in for BTC for this DIP and the bullmarket will continue:

We are looking at the daily chart:
-> Looking at the Bollinger Bands: everytime it hits the lower band, it is a sign of a bottom or a reversal. (white arrows)

-> The current price perfectly lines up with a strong support zone and also with the ascending support line (blue blines)

-> The price is going down but the MACD + MFI are growing ( bullish divergence ) (yellow and blue line at the bottom of the screenshot)

-> We already have a correction of 40% on BTC , while Altcoin Dominance is steadily growing (this can't be seen on this particular chart) a drop through the support zone of 40k would mean we would go all the way
down to 30K which means a drop of about 60%. This would break the market structure and put us in a bear market.