From here, i say it's about 50/50 that bitcoin tanks further, or goes on a big bullish move.
Bitcoin is clinging on to it's last support before another big drop into the 2000's. And neither of the previous supports provided much of a bounce, especially not that violent V bottom that a bull would hope to see. Also, the alts are just making new lows over and over again...not pretty. Some log charts are downright scary for hodlers.
HOWEVER, we can't ignore that $3600 area is previous support, and not just any support, but from this price range launched the major bull of 2017. ALSO, a double bottom is shaping up on the larger time frames, AND there is notable bullish angles in MACD and RSI.
Pretty important time for bitcoin and crypto in general. And the case can be made for the bulls and the bears..So which way do you think it will go?
I will add, since the higher high from September and October never happened, and the subsequent breakdown did, my minimum requirement for the possibility of the final bottom was around $4400. That has obviously been met... But on the extreme side, it could reach into the 1000's, and I would still be a long term crypto adopter.. These moves are entirely within reason of bitcoin's historical price action.
But just for fun, taking a possible bullish move, i drew an approximate of what a double bottom with a symmetrical rise might look like. First thing is first though...let's see if $3600 can hold, or if crypto winter is only beginning.
Thanks for viewing
Travis
JMJ - UIOGD
Bitcoin is clinging on to it's last support before another big drop into the 2000's. And neither of the previous supports provided much of a bounce, especially not that violent V bottom that a bull would hope to see. Also, the alts are just making new lows over and over again...not pretty. Some log charts are downright scary for hodlers.
HOWEVER, we can't ignore that $3600 area is previous support, and not just any support, but from this price range launched the major bull of 2017. ALSO, a double bottom is shaping up on the larger time frames, AND there is notable bullish angles in MACD and RSI.
Pretty important time for bitcoin and crypto in general. And the case can be made for the bulls and the bears..So which way do you think it will go?
I will add, since the higher high from September and October never happened, and the subsequent breakdown did, my minimum requirement for the possibility of the final bottom was around $4400. That has obviously been met... But on the extreme side, it could reach into the 1000's, and I would still be a long term crypto adopter.. These moves are entirely within reason of bitcoin's historical price action.
But just for fun, taking a possible bullish move, i drew an approximate of what a double bottom with a symmetrical rise might look like. First thing is first though...let's see if $3600 can hold, or if crypto winter is only beginning.
Thanks for viewing
Travis
JMJ - UIOGD
Comment:
it looks ugly....but the angled support on the indicators AND the overall support (black line old support, red line gann fan support) for bitcoin are still holding....