BTC bottom is in 6k

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Market shows signs of a possible reversal, as major shorts have closed their positions around 8k and below. Most smart money is sitting on the sidelines to enter, or averaging down since 7.5k and below. Daily RSI is oversold and in par with mid August 2016 ATL (we all know that happened there last time!). And 3d, weekly approaching oversold levels. Of course there is a possibility for more down, should these levels break, seeing us fall down to 5k support possible 4k. But doubt this will happen.

If bulls show strength, this could give us a solid push to previous support turn resistance around 9.2-9.3k. With a possible bull run (trap :) ) to 14k before a continued downtrend of bitcoin for the coming months. However, so much bullish news on the horizon, segwit, lightening networks, bech32, tumblebit, zerolink, schnorr sigs, CFTC, fiat pairings, squarecash, etc., will be an exciting few months and 2018!

Overall herd sentiment is bitcoin doom, bitcoin to 2k, scam, ponzi scheme, makes me bullish AF .

WE are however still in a bear market, capitulation may be dangerous here. But overall strong signs of reversal! Take advantage of the altcoin carnage.

Happy trading!
Comment: Strong bounce off new support at 9.3k

Massive amount of shorts still open, providing the perfect rocket fuel for the bulls. The real short squeeze is yet to come, expecting more uptrend if volume continues.

A key breakout out of channel and daily close will confirm the rise to 14k.

Fundamentals for bitcoin also looking bullish AF!
Comment: Bitcoin showing signs of life during this bear run. Reversal still not yet confirmed, however, bulls are keeping up a good fight.

Large points of resistance on the way up, but should stay put along and above the black trendline for now.


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