There is a lot of evidence that we have bottomed and I will be presenting all here in this TA.
1. Every cycle bottom we form a triangle formation that eventually breaks to the upside, as you can see in the charts it happened last two times and this time we did the same and have currently broken to the upside.
2. The Mayer Multiple extreme levels! , I go over this in the TA below how Bitcoin was in extreme lows. We even bounced off the last Mayer band like previous cycles .
3.The LMACD was in the same place as the last two cycles and lined up perfectly with the weekly springboard which I cover here .
4. Bitcoin Super Cycle indicator flashed the cycle bottom and before anyone asks this is not a lagging indicator it is real time and happened to see it flash the bottom live while I was on the candle .
5.USDT dominance , this one is really important . As you can see this channel USDT dominance is in , and can pinpoint tops and bottoms . The fact is we hit an extreme on the channel and stockistic has printed bearish divergence on the weekly.
6.Funding rate has finally made a lower higher , since the start of the year funding rate has been making lower lows as of 30th of June we finally got a lower higher , here is a link to the graph ibb.co/n0Qh9m9
7. All major CME gaps closed . That last swing low the 30th of June which created the lower high on the funding rate , closed the gap at 18.4k .
8.Crypto Market cap excluding Bitcoin This chart has formed a hard bottom, finding strong support previous all time high , creating weekly springboard and also creating weekly bullish divergence on the stockistic at the lower level which you can see leads to big rallys.
Price has currently created a W formation on the daily which has a technical target of 25k if completed .
Price on the 4h looks good , creating an ascending channel and above MTF VWAP .
Conclusion
1.Cycle bottom Triangle patterns 2.Mayer Multiple Extremes 3.LMACD same as last two cycle lows 4.Bitcoin Super cycle indicator flashes bottom 5.USDT dominance hit top of channel 6.Funding rate lower high 7.All Major CME gaps closed 8.Crypto Market Cap excluding Bitcoin bottom
So as you can see there alot of signs pointing to a market bottom, time shall tell in a few months.
Comment
⋅
The final piece of the puzzle just flashed a bottom
one very very very important note. Bitcoin existed only in bull market when it comes to global markets. Btc never experienced bear market, ever. So just pointing this out. This time things might evolve quite differently.
Sporia
⋅
@cautiousMoth99820, I agree with you but so far Bitcoin is mirroring that of other cycles , so until it does something its not done before we keep are heads in the charts
ilbayg
⋅
Great work buddy. Keep it up! Thank you.
shri30389
⋅
Long the dead cat. Buy in September when the real bottom hits.
NavidRostami
⋅
great information thank you , id say its a good level to get in with the stoploss of 18500
Best,