The bears that called for $3000 are now calling for $1000 or even $800. Is i possible yes. Is it probable? I think probably not. I have been trying to find clues on where a likely bottom could be. Still I see a big confluence zone around $3000. The weekly 200 SMA and the Monthly 50 SMA shown below on this chart are around $3000. The previous bear market had only wicks puncture it and pull right back up. With the Stoch RSI, there were 3 times in the previous bear market that it was oversold. On the 3rd time it became an accumulation area for about 280 days. Then the Stoch RSI dipped to the oversold area for a 4th time which ended the accumulation phase and started the next bull run. Also during the accumulation phase the RSI showed bullish divergence. Looking at this current bear market BTC is in, the Stoch RSI is on its 3rd oversold mark. This could mean BTC is at the start of an accumulation phase. Seeing weekly bullish divergence on RSI form along with the 4th dip of the Stoch RSI should be signs that a bull run will be coming in the near future.
Note
Another interesting thing is the US dollar is about to crash. The bear flag has formed and it should be like 2017. If this indicates anything Bitcoin could probably have a very good 2019 year.
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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.