InvestingScope

Bitcoin: Temporary or permanent bottom?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
One of our previous studies (https://www.tradingview.com/chart/BTCUSD...) showed why Bitcoin has the potential to reach as low as 2,600 - 2,800 for its final bottom of the current bear cycle before is slowly (through a very lengthy consolidation) enter a bull cycle again.

However due to the aggressive selling of the past two weeks, this approach may require some readjustments as the previous study had a less aggressive decline towards a bottom in late January 2019.

The current chart we made compares the last days (1D candles) of the 2017 bull run to the 19,666 all time highs, with the current 1D candle cohesion. The similarities are interesting. Both had the period of between their first aggressive candles (06 Dec 2017 & 14 Nov 2018 respectively) since the peak/ bottom before the first aggressive counter volume (17 Dec 2017 & 25 Nov 2018 respectively) measured at 11 days.

This may be an early indication that instead of the bottom estimate that the previous study showed (2,600 - 2,800 https://www.tradingview.com/chart/BTCUSD...), 3,474.70 may instead be the permanent bottom of this bear cycle and not a temporary one before late January.

This study is largely speculative based on this single pattern recognition and should be used in combination with other time frames for strategic planning.




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Comments

BTCUSD H4 Update. Checkout the idea detail's and update's for the complete picture!
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@Boon2, Thanks for sharing.
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$580 possible? Don't say NO! much bleeding to come.... AMAZON went 6$ drop before recovering and going $2039 and now trading 1690$.... I see similar fall and recover in btc... December month is still out there for bloodshed..
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@Jollymolly, We have done a study on the similarities of BTC's parabolic rise and current correction with leading companies on their field. You may find it interesting:

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We are going down to 3500
Bulls are very weak right now same as the volume.
Expect a 3k soon. Sell now if you still can and by the lower entry
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We are going to 3500 so we can kill the bear in 4500 level up to 5k
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I don't think you can compare a bull run with a "bear run".
A year ago, people look to because they are conviced by the "new coin to the new digital world". NOW, what you can do with bitcoin as a normal citizen?
Pay taxes if you live in a contry tha alredy regulate bitcoins gains? As a normal people, you can't pay your rent or "buy a pizza" (I know, this things alredy happen, but you cannot do that in regular situations).
At least, if this wont change, bitcoin will drop, realy slowly, but will drop.
Bitcoin is great for anyone who buy and sell drugs and this high price is crazyness. A real price for bitcoin (as a token?) 100 USD
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