Bitcoin Liquid IndexUpdated Bitcoin: Bottoming processes, avoid to "buy the dip" gamble
We are quickly going to study the previous Bitcoin bottom symptoms;
2011
2014-2015
What is important to possibly form a bottom:
=> Smmas pierced and support established on them
=> Major rounded bottom with a double bottom present in a period of several months
There is no bottom special candle as some people are saying on social networks, there is nothing that shows the bottom is here in a week, unless the chart prints a V reversal
A bottoming formation is generally a long process unless it is a V reversal (F.e. Nasdaq Composite in 2000)
Only time, and patience can tell.
Gl to you
2011
2014-2015
What is important to possibly form a bottom:
=> Smmas pierced and support established on them
=> Major rounded bottom with a double bottom present in a period of several months
There is no bottom special candle as some people are saying on social networks, there is nothing that shows the bottom is here in a week, unless the chart prints a V reversal
A bottoming formation is generally a long process unless it is a V reversal (F.e. Nasdaq Composite in 2000)
Only time, and patience can tell.
Gl to you
Note
This is of course an analysis and not a trade, we want to see after it happens, the type of bottom Bitcoin will form.Chasing the bottom is very risky and absolutely not recommended.
I do not think Bitcoin will crash to zero, it is very probably here to stay, but after having dipped below 6k, all now is to be a wait and see situation with care, unless you want to purchase and hold for years.
Will you be able to hold Bitcoin and alts even if Bitcoin reaches a value as low as for exemple 1.200 dollars?
The break of 6k, unless a spring appears (reaching 6.400$ this week for exemple) is a real and true damage of the current Bitcoin structure.
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.
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.