BITCOIN There is no turning back now! BOTTOM CONFIRMED!
I am going to be short and plain on this study. Just like Bitcoin is with the current strong rise that broke above the Channel Down (started in t June), which delivers a clear message:
"There is no turning back now !!!"
Why? Apart from the obvious break out from a multi-month bearish pattern, the price held the 1W MA150 (which acts as a Support) just like it did at the start of 2016 during the previous Bitcoin Cycle.
** The Parabolic Channels **
That Cycle gave me the idea of drawing its full trend within a Parabolic Channel. As you see the from 2014 right up until the end of 2016, Bitcoin respected the full width of the Parabolic Channel and completed a Full Cycle (All Time High to All Time High) without breaking the Symmetry. During the current Cycle (2018 - 2020) from May until October 2019, as we all witnessed, BTC broke above its Parabolic Channel purely based on overly optimistic market fundamentals. That move was corrected back within the Parabolic Channel with the most recent Channel Down. We are back within the Channel, supported by the MA150 and there seems to be no turning back!
** RSI and LMACD Supports **
While the MA150 clearly provided support, the other two important BTC indicators (RSI and LMACD) also show a hidden bullish signal. On the 1W chart, the RSI bounced on a 7o angle trend line turning bullish for the first time since May. During the previous Cycle a 7o angle trend line also supported the RSI up until the December 2017 ATH. As for the MACD, not only did it just make a Bullish roll over for the first time since February 2019, but also kept the 11o angle trend line intact. During the previous Cycle, a 11o angel trend line also supported BTC up until the December 2017 ATH.
Do you also think that the Bottom is in and there really is NO TURNING BACK for Bitcoin? Do you consider those indicators reliable in calling the current bottom? Let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
** Note: I gave a similar perspective on the following study. I am sure you will find it interesting:
"There is no turning back now !!!"
Why? Apart from the obvious break out from a multi-month bearish pattern, the price held the 1W MA150 (which acts as a Support) just like it did at the start of 2016 during the previous Bitcoin Cycle.
** The Parabolic Channels **
That Cycle gave me the idea of drawing its full trend within a Parabolic Channel. As you see the from 2014 right up until the end of 2016, Bitcoin respected the full width of the Parabolic Channel and completed a Full Cycle (All Time High to All Time High) without breaking the Symmetry. During the current Cycle (2018 - 2020) from May until October 2019, as we all witnessed, BTC broke above its Parabolic Channel purely based on overly optimistic market fundamentals. That move was corrected back within the Parabolic Channel with the most recent Channel Down. We are back within the Channel, supported by the MA150 and there seems to be no turning back!
** RSI and LMACD Supports **
While the MA150 clearly provided support, the other two important BTC indicators (RSI and LMACD) also show a hidden bullish signal. On the 1W chart, the RSI bounced on a 7o angle trend line turning bullish for the first time since May. During the previous Cycle a 7o angle trend line also supported the RSI up until the December 2017 ATH. As for the MACD, not only did it just make a Bullish roll over for the first time since February 2019, but also kept the 11o angle trend line intact. During the previous Cycle, a 11o angel trend line also supported BTC up until the December 2017 ATH.
Do you also think that the Bottom is in and there really is NO TURNING BACK for Bitcoin? Do you consider those indicators reliable in calling the current bottom? Let me know in the comments section!
Please like, subscribe and share your ideas and charts with the community!
** Note: I gave a similar perspective on the following study. I am sure you will find it interesting:
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🤵Contact info@tradingshot.com t.me/tradingshot
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