Why do I think $BTCUSD is near or has reached the bottom?

Why do I think $BTCUSD is near or has reached the bottom?

I use the four moving averages as shown below on INDEX:$BTCUSD 1day tf to determine if we are near or have reached the bottom.

SMA 1741
EMA 1741
SMA 1383
EMA 1383

If the price goes below all the moving averages, I assume we have reached an extremely oversold area.
If the price goes inside the moving averages, I tend not to be short anymore.
I also tend to close any short with profits if the price goes inside the moving averages.
It is part of my strategy.
I have done just that this time for the larger portion of my capital.

How low below the moving averages have $BTC gone in the past?



Around 13.78%

It brings us to $16920

The low has been $17585, which is just 3-4% below $17585. Considering the upside potential and R/R, I would not short here in any form or shape.

Therefore, I think $BTCUSD is near or has already reached the bottom. I have started to buy $BTC spot.
I am waiting for #Aladdin indicator to say buy and that would confirm my thesis as well.