This is an overly simplified analysis on why I think BTC is bottoming out around 19k. While this analysis is extremely simple, it pairs nicely with other analyses out there pointing to a possible rebound around 19k.
1.) First, BTC nearly hit the 0.618 fibonnaci level (the strongest support) on the all-time Binance chart. Although the Binance chart doesn’t date back before 2017, I think it’s important to look at it considering it’s the largest crypto exchange by volume. I think it’s a bit strange I haven’t seen a single analysis mentioning this yet.
2.) BTC just hit the bottom Bollinger band on the 1M Binance chart, which offers a bit of additional support.
Everyone seems to be waiting for 16k. Personally, I think they’re going to be left behind.
1.) First, BTC nearly hit the 0.618 fibonnaci level (the strongest support) on the all-time Binance chart. Although the Binance chart doesn’t date back before 2017, I think it’s important to look at it considering it’s the largest crypto exchange by volume. I think it’s a bit strange I haven’t seen a single analysis mentioning this yet.
2.) BTC just hit the bottom Bollinger band on the 1M Binance chart, which offers a bit of additional support.
Everyone seems to be waiting for 16k. Personally, I think they’re going to be left behind.
Trade active:
Entry: $19,010
Target: $23,800
Target: $23,800
- Altcoins seem to have bottomed out. While Bitcoin has hit new lows, the majority of altcoins continue to maintain the support that they hit on 5/15 or before. This may be an indicator of a reversal for the market, at least for the short term.