Where I'm Watching for a Bottom in Bitcoin
The Bear channel remains intact and until breached to the upside I will continue to target lower price levels corresponding with the Middle and Lower Channel Support. Even with a bull break through and close above, I would want to back test to confirm that the recent resistance line has now become support. Only with massive bull volume can we conclude that a near term bottom has been reached. So far there are very few signs that we are there yet. I continue to watch higher time frame indicators (Weekly, Monthly) in determining when extreme oversold conditions are reached.
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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.