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bitcoin to 11k then to 3k.just out of curiosity today i played around with the log charts on bitcoin. clearly we are testing the downwards log trend and it has been a pretty bloody battle. this will be the 4th time we have made contact with the trendline. in 2014, bitcoin also made 4 contacts with the trendline, and on the 5th contact, it broke out. i think something very similar could happen to bitcoin in the near future. another interesting this is the daily RSI. even the daily RSI's are almost mirror images of each other. double top RSI at 60. There's no wave theory in this at the moment, because that's for another post. but in the meantime I'll be considering this as my primary movement. 1) short to 7.5/7.6k, placing buys at 0.618 fib level, which is where the 2014 fractal bounced from. 2) long to at least 11k from 7.5k, obviously keeping tight trailing stop losses. 3) short from 11k down to 3k by end of this year. Obviously fractals dont ALWAYS play out exactly, but I do see this as a potential route of it playing out, this is because of a few reasons. 1) weekly RSI had bottomed out locally around 45ish. 2) we had a bullish engulfing candle on the weekly chart. 3) this is the second time we've retested the 60RSI on the daily chart. 4) market sentiment is fairly bullish. 5) alt coins are starting to pop off, this would also coincide with them having their particular season biyearly. 6) I don't spot any sort of accumulation patterns on bitcoin on the daily chart (wyckoff accumulation that is to signify end of bear market), right now this is all chop. anyways, let me know what you guys think! definitely keen for some discussion in the comments. ive linked the bitcoin 2014 on the log chart beneath for your reference with the daily RSI there. it's very interesting.

Bitcoin Bottom: Fundamental Analysis + TA Hello! My name is Ivan. I am a stock market trader and right now I am also trading cryptocurrencies. I want to share my Bitcoin Technical and Fundamental analysis with you. I don’t know why, but most of the crypto traders use only TA ignoring fundamental analysis. But fundamental factors are very important for long-term decisions . What is the most important fundamental factor for the Bitcoin? In my opinion, it is the mining cost . If the BTC exchange price goes below this mining cost the mining becomes unprofitable. Current price level is very close to the BTC mining cost value for many miners . And if the price goes to 6000 - 5500 mining in most countries will become unprofitable at all. So right now we are at very low levels and this may be the bottom fundamentally. Technical analysis: • We are near a very low support. The BTC price touched this support 2 months ago. • The market starts to slow down. As you can see the angle of the green lines shows that every market move takes more and more time. This may indicate that the market loses its bearish power… In my opinion, this price level may be the bottom. Or the bottom is somewhere near. Can the price go deeper? Yes. But if it goes deeper it will hardly stay there for a long time.

$4770 Support Clear as day update for you all on BTC. Here you will read I am calling the 'bottom' of bitcoin you won't see me do this often as the technical bottom is 0 so we should be calling this a support but I think its where we will bottom at IF we don't get a bounce prior. This will give you the worst case scenario. I have used a line chart for this to clearly show you the closing price of BTC and I have used the closing price for the support level rather then using the base of the shadow from the candles. You will see the current formation BTC is in and we have now entered the last 2 thirds of this formation and we will breakout between now and the apex. Now I am calling the bottom the tip of this formation at $4770 the likelihood of getting down to this bottom is very low but possible. We have just crossed the 200 day simple moving average and you will see the underlying trend is still upward. Now a falling wedge formation is also 1 of the most bullish patterns you will find, people know this and you can see the accumulation indicator showing BTC is starting to be bought up, on smaller timeframe you will see current sell offs though which is why the continued drop. To confirm the further move down we go to the global chart of Crypto on the link I provided you in past posts and see that crypto volume has dropped another 20 billion dollars. Now The practical targets here are the green lines. I am not shorting BTC on this run margins aren't healthier enough and too much risk, so I will just be buying at targets for a long. After we break the wedge the first major line of resistance will be the purple trend line I have placed on the chart once this is broken I would expect to see some anabolic growth on BTC. Overall BTC is in a good buying range, as you get this far into formations you will always be read to buy the break of the wedge so each day you can set a buy order and adjust it down daily on the outside of the wedge. Please draw this on with candles don't use the line chart for your buy orders as you might get picked up early on a spike. But once again buying BTC at this price is still a great range. After you enter the LONG targets are the FIB lines. Short write up as chart says it all :) By the way I have given you a number of BTC updates now but if you do check history nothing has changed from what I was calling a month ago, I was calling same targets and still am. We have only see short price action over the past month that is useful for day traders. Cash Is King! Come follow and jump on some alt trades we have been hitting some nice profits.