BTCUSD This is probably the bottom.
I re-publish this idea because the original one was made invisible for having links to my social media.
------------------------------------------------------------------------------------------
Hello guys, I am back. Hope you are doing well in this bearish market.
It still makes me laugh whenever I recall that people were enthusiastically calling for 50k bitcoin EOY in Jan. And now getting close to the EOY we are still struggling to stay above 6k.
Anyway, after testing 6k support level five times, bitcoin does show some signs suggesting that we may have already hit the bottom.
1. RSI shows hidden bullish divergence on the daily chart. And BTC made a higher low after that, suggesting a potential trend reversal.
2. The structure BTC is building right now is the fractal of the bottom we hit at end of March.
3. The total market cap chart has formed a falling wedge. And we just broke out from it thanks to the XRP explosion and alts rally. Today we are undergoing a correction to retest the upper trend line of the falling wedge.
(see it here tradingview.com/markets/cryptocurrencies/global-charts/)
4. The number of transactions processed by the Bitcoin blockchain per day is growing slowly and nicely since March, suggesting the increasing adoption of bitcoin.
(see it here bitinfocharts.com/comparison/transactions-btc-sma7.html
With these good signs, I expect the crypto market to have another rally in October like the one we had in April. A breakout upward with good volume to 7200+ will be a confirmation of the trend reversal. Let us hope for the best.
However, this idea would be invalidated if BTC broke 6k. Let us prepare for the worst.
------------------------------------------------------------------------------------------
Hello guys, I am back. Hope you are doing well in this bearish market.
It still makes me laugh whenever I recall that people were enthusiastically calling for 50k bitcoin EOY in Jan. And now getting close to the EOY we are still struggling to stay above 6k.
Anyway, after testing 6k support level five times, bitcoin does show some signs suggesting that we may have already hit the bottom.
1. RSI shows hidden bullish divergence on the daily chart. And BTC made a higher low after that, suggesting a potential trend reversal.
2. The structure BTC is building right now is the fractal of the bottom we hit at end of March.
3. The total market cap chart has formed a falling wedge. And we just broke out from it thanks to the XRP explosion and alts rally. Today we are undergoing a correction to retest the upper trend line of the falling wedge.
(see it here tradingview.com/markets/cryptocurrencies/global-charts/)
4. The number of transactions processed by the Bitcoin blockchain per day is growing slowly and nicely since March, suggesting the increasing adoption of bitcoin.
(see it here bitinfocharts.com/comparison/transactions-btc-sma7.html
With these good signs, I expect the crypto market to have another rally in October like the one we had in April. A breakout upward with good volume to 7200+ will be a confirmation of the trend reversal. Let us hope for the best.
However, this idea would be invalidated if BTC broke 6k. Let us prepare for the worst.
We don't trade patterns. We draw them.
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.