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.
Bitcoin moved out of the channel. So is your short-position is stop-loss'ed?
gencdahi
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A Small Bounce Will Come to $5800-$6000
InvestingScope
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@gencdahi, Thank you for your input. 4750 - 5200 appears to be a strong sell accumulation point though. A rise to 6000 may indicate a bullish reversal on the long term
PatienceIsParamount
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New Bitcoin trendline found? Past resistances, become new support.
InvestingScope
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@PatienceIsParamount, It will be very interesting to see how this line develops.
bitcoinwizard1
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all bullish signs. no $2800
Bulldragon
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We might go down in few hours from now or go with the consolidating mode.
Breaking the resistance in few hours is not easy the bears are too strong.
My forecast and analysis for October-November-December