Finding Mr. Bottom, where are you?
Updated
Hi guys,
BTC has really been one hell of a journey. With its immersive rise, fueled by media hype and retail investors jumping in, carrying BTC, all the way to 19,000, and then the 40 days of hell that have seen back to back "bad news", be it repackaged Fear, Uncertainty and Doubt (FUD) or "fake news" or genuine the great fall of Jan'18 has tested every self proclaimed "hodler's" nerves.
So have we bottomed out? My answer - just about. That prices have hit bottom of the main 2017 channel and are close to the 5,800, is 100% retracement of the rally that started it all in Nov. 17. If this channel holds, then this chart will become a case study in (drawn by better analyst of course) in how a media fueled frenzy can screw markets.
Am I a 100% sure that we have hit the bottom? No. Yesterday's largest drop in DJI in 6 years and the global rout in equities and other markets today can very likely spill over to BTC and the crypto world, sending the prices lower. The fact is i wouldn't get all in right now, average my holdings with some of my fresh cash yes, but id like to see some stability before we can say yes, we have bottomed out.
***Disclaimer***
- This information is not a recommendation to buy or sell.
- I am not a pro trader, but someone learning technical analysis, as i go along, constructive criticism and positive feedback is most welcome :)
BTC has really been one hell of a journey. With its immersive rise, fueled by media hype and retail investors jumping in, carrying BTC, all the way to 19,000, and then the 40 days of hell that have seen back to back "bad news", be it repackaged Fear, Uncertainty and Doubt (FUD) or "fake news" or genuine the great fall of Jan'18 has tested every self proclaimed "hodler's" nerves.
So have we bottomed out? My answer - just about. That prices have hit bottom of the main 2017 channel and are close to the 5,800, is 100% retracement of the rally that started it all in Nov. 17. If this channel holds, then this chart will become a case study in (drawn by better analyst of course) in how a media fueled frenzy can screw markets.
Am I a 100% sure that we have hit the bottom? No. Yesterday's largest drop in DJI in 6 years and the global rout in equities and other markets today can very likely spill over to BTC and the crypto world, sending the prices lower. The fact is i wouldn't get all in right now, average my holdings with some of my fresh cash yes, but id like to see some stability before we can say yes, we have bottomed out.
***Disclaimer***
- This information is not a recommendation to buy or sell.
- I am not a pro trader, but someone learning technical analysis, as i go along, constructive criticism and positive feedback is most welcome :)
Note
the 6000 level has shown some support, stemming from a positive sentiment form the CFTC and SEC hearing in the senate. (coindesk.com/bitcoin-crypto-us-senate-hearing-february-2018/)ETH chart highlights a clearer picture of support, (tradingview.com/chart/ETHUSD/0T0GszW4-Finding-Mr-Bottom-looking-at-ETH/)
For me to bet long, BTC needs to push through and close strongly above 10K, which will, under the circumstances provide a psychological resistance level.
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