Bitcoin is starting to form a similar structure as the bottoming structure of 2015.
No double bottom, no spring, no true recognizable bottoming pattern yet, but the market is possibly stabilizing Bitcoin in this area after a V reversal.
The 1week log chart shows some possible similar ranging between the 2 main Smmas:
This is very encouraging for now, unless of course some drama happens and Bitcoin falls below the 3.000$ support zone, but this scenario is now becoming less likely in my opinion.
Locally, the 50 Smma is forming a very strong resistance, and a false breakout of this 50 Smma with a pullback to the 3500$ region is not to be excluded.
Ethereum is above the 50 Smma, last seen around 1 year ago for a fakeout
Same goes for Litecoin
Xrp from Ripple isn't there yet, but it could be bottoming as well
No double bottom, no spring, no true recognizable bottoming pattern yet, but the market is possibly stabilizing Bitcoin in this area after a V reversal.
The 1week log chart shows some possible similar ranging between the 2 main Smmas:
This is very encouraging for now, unless of course some drama happens and Bitcoin falls below the 3.000$ support zone, but this scenario is now becoming less likely in my opinion.
Locally, the 50 Smma is forming a very strong resistance, and a false breakout of this 50 Smma with a pullback to the 3500$ region is not to be excluded.
Ethereum is above the 50 Smma, last seen around 1 year ago for a fakeout
Same goes for Litecoin
Xrp from Ripple isn't there yet, but it could be bottoming as well
Comment:
Aaaand... voila about the false breakout of the 50 smma
Comment:
One of the most insane dump and run i ever saw
Beautiful
Beautiful
Comment:
The problem with market bottoms is that you will never buy enough in the right area.
Going from 2000 views to 200 is actually very encouraging as a market bottoming symptom, this is tasty, 10x less people are interested with this market