All traders know that double, triple and etc bottoms are 100% Bullish due to the fact there is a lot off buying at this low point and sellers cant break it down. Bitcoin is hugely shorted as overall chart appears Bearish. Often tho the apposite happens and then we get short squeezes , momo traders, algos and etc piling...
O.k . So there only only two ways to look at any chart
In my humble opinion we are retesting Resistance from 3 months ago.You can see someone is slowly buying up Bitcoin in the ascending triangle. Once we run out off sellers at resistance level Bitcoin will take off again and be back on mainstream news. There was no "bubble bursting " just...
1/Fibonacci Retracement Levels have more or less been completed
2/ RSI shows it is over sold which means sellers are exhausted
3/ Large Buying Volume coming in now
4/Bitcoins history always drops 70%/80% before it returns Bullish We just touched $5k area so have had a 75% drop from High