What a horrible week it has been. BTC crashed down and brought most the Alts with it.
But the end looks to be here.
BTC has respected the trend line that goes all the way back to September 15th of last year, as you can see on the chart, bouncing just under 7300.
Let's take a look at BTC price reaction the last 2 times Bitcoin was oversold.
Feb 6th: Bounce from 6000 to 11750 +95% in 14 days
April 6th: Bounce from 6500 to 10000 +53% in 28 days
May 24th: Bounce from 7300 to ???
Now this gets interesting. If the bounce started now, and BTC respects the down trend from Jan.22nd, price will tap out at about 9k.
If the resistance can be broken, I think we can see BTC hit 12k to 12500 on this next run. Time will tell =)
Looking forward to your thoughts.
Have a great day!
But the end looks to be here.
BTC has respected the trend line that goes all the way back to September 15th of last year, as you can see on the chart, bouncing just under 7300.
Let's take a look at BTC price reaction the last 2 times Bitcoin was oversold.
Feb 6th: Bounce from 6000 to 11750 +95% in 14 days
April 6th: Bounce from 6500 to 10000 +53% in 28 days
May 24th: Bounce from 7300 to ???
Now this gets interesting. If the bounce started now, and BTC respects the down trend from Jan.22nd, price will tap out at about 9k.
If the resistance can be broken, I think we can see BTC hit 12k to 12500 on this next run. Time will tell =)
Looking forward to your thoughts.
Have a great day!
Comment:
3 bounces off the trend line from last September. This is good.
Comment:
So, the trend line from last September has been broking, again.
Looking at the charts today, I found a "Rising Lows" trend line that goes back to last October and has not been broking. If this holds, BTC should bottom out 6800-6900 max before bouncing up.
Looking at the charts today, I found a "Rising Lows" trend line that goes back to last October and has not been broking. If this holds, BTC should bottom out 6800-6900 max before bouncing up.
Comment:
Alright, BTC looks ready now to move up
Trade active:
BTC daily chart look great. Price on the increase, 7700 right now.
MACD has crossed. CCI about to go green. RSI going up and barely over 40. Stoch bouncing up.
MACD has crossed. CCI about to go green. RSI going up and barely over 40. Stoch bouncing up.
