The price has been trading within a 1D Channel Down (MACD = -610.000, Highs/Lows = -810.9370, BBP = -1440.5580) since the massive selling started at 6,300. With the RSI oversold (16.394), the Lower Lows appear to be following a specific pattern. Assuming this will repeat the sequence, the next target is around 2,800.
This comes to confirm the estimated bottom that we calculated some time ago (for reference see: tradingview.com/chart/BTCUSD/zK7bM01i-Bitcoin-Is-this-the-bottom/) based on the similarities with the 2014/ 2015 bearish cycle. However, since we have timed the bottom near the end of January, it is possible to see a rebound towards the Sell zone (4,760 - 5,200) and sideways action between that belt and the 3,330 - 3,500 until the final leg near 2,800.
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This comes to confirm the estimated bottom that we calculated some time ago (for reference see: tradingview.com/chart/BTCUSD/zK7bM01i-Bitcoin-Is-this-the-bottom/) based on the similarities with the 2014/ 2015 bearish cycle. However, since we have timed the bottom near the end of January, it is possible to see a rebound towards the Sell zone (4,760 - 5,200) and sideways action between that belt and the 3,330 - 3,500 until the final leg near 2,800.
** If you like our free content follow our profile (tradingview.com/u/InvestingScope) to get more daily ideas. **
Comments and likes are greatly appreciated.
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investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Telegram: t.me/investingscope
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
investingscope.com
Over 65% accuracy on Private Signals Channel.
Over 15% return monthly on our Account Management Plan.
Account RECOVERY services.
Free Channel: t.me/investingscopeofficial
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.