TiborVrbovsky

Where is Bitcoin's Absolute Bottom? Bitcoin in Falling Wedge.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hey, I am back with another Technical analysis this time looking at Bitcoin on daily timeframe.

By the look of the chart you can see that Bitcoin has formed second falling wedge breakout pattern.

Bassicaly this pattern just entered demand zone and found some support, now it should retest the upper line, the downtrend line, and then breakout which would be the green way.

Another possibility, red way, is Bitcoin will fail to break this downtrend line for third time and retrace to demand zone , where it will look for support (6000-5400), continue in this Falling wedge pattern and breakout from this pattern.

Bitcoin has been oversold for 34 days so far, thats a really long time, I expect Bitcoin heading back to neutral zone, it would be interessting looking what 40 RSI will do, lets hope it wont get denied as it got before.

On the MACD you can see Bitcoin saw some strong 2 selling waves follown by little bit of buyers and another sell wave, currently we are pretty undecisive but sellers should be exhausted and satisfied enough so another wave of buyers can come, as Bitcoin is pretty oversold, there is not much room for sellers.

Also MACD looks pretty similiar to the last one falling wedge breakout.

There is also a candle which gives a sign of trend reversal looking at Dojo candle, which shown us yesterday great demand and strong bounce.

I would almost forget, that this Chart is named where is Bitcoin's true bottom, so where it is?

The absolute bottom in my opinion when considering all the facts and demand strenght at all areas is 5400.

So I think thats about it.. If you have any Questions feel free to ask me down bellow or at my Discord channel!

Hope I made your view on whats going on with Bitcoin somewhat clearer.
If you like this Technical Analysis let me know in the comments, Likes are aprreciated, Thanks !

If I see something worth to share on the chart I will surely do an Update.




Comment: RSI trying to break into 60 level, MACD looks like another wave of buyers is incoming, 6250 is the level Bitcoin needs to break and find support at to remain green.
Comment: 5 min RSI above 60 and found support at this level, really good sign.
Comment: If bitcoin can find support at this level, 6260+ that would be ideal.
Comment: Looks like another bull flag, rsi found support at same area, will we see another wave of buyers? soon we will know, but based on 1h hour macd we may see another one.

Comments

lol, werent u calling 8000 as absolute bottom one month ago?
+1 Reply
TiborVrbovsky ForexCryptoA
@ForexCryptoA, Sure when Bitcoin found ressistance at 10k I would not call 8k as bottom, I said 6500 was a good support, in which bears have struggled a bit, but overall is 5400.
+2 Reply
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