ChartArt

This could be the end of Bitcoin's 2014 downtrend!

BITSTAMP:BTCUSD   Bitcoin / Dollar
After months of decline* Bitcoin is arriving at a bottom. I see the momentum change to become bullish this week in this area above the Fibonacci retracement where Bitcoin is starting to create a double bottom pattern, if you only consider the real body of 1d candlesticks without the lower shadows (wicks). And BTC is currently at my scenario "B":
The Bitcoin Bears Are Back
meaning if the price bounces here it would be a strong signal.

If not, then we are in for a new tragic slow downtrend for another couple of months in 2015.

* (https://www.tradingview.com/v/7mPxsnSP/)

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Thanks!
sammantic
2 years ago
Where is the bottom test for you, if you are starting to lean bullish? I agree with you its in this area, and volume has been very low as well.
Reply
ChartArt sammantic
2 years ago
Current bottom test for me would be $315. If the price falls below $315 the next really strong resistance would be $300-$305.
Reply
MoonTrader
2 years ago
I also think this is the bottom for now. Already long and waiting.
+1 Reply
Grinny
2 years ago
Haha, the small announcement popup for followers cut off this chart's title to: "This could be the end of Bitcoin..." :D :D
And I agree with you, bottom test @315$ and possible change to bullish until end of November.
Reply
ChartArt Grinny
2 years ago
"the small announcement popup for followers cut off this chart's title to: 'This could be the end of Bitcoin...'"

LOL! But sadly we only know for sure if this WON'T be the case, if we don't fall below $275 and instead keep on recovering here nicely above $315 ($300), before all hope is lost. Meanwhile Chinese traders already tried yesterday (unsuccessfully) to manipulate the Bitcoin price down again with massive sell walls on Chinese exchanges.
Reply
ChartArt
2 years ago
14:00 UTC
Thursday, November 20, 2014
Current price: $358

The Bitcoin price is now below the new pink line, if it goes back up above it the uptrend is going to resume:

snapshot
Reply
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