Why is BTC Bouncing here? Sept. 17, 2017 trend line.....
Updated
I'll be honest, I am not certain this is the bottom for BTC. That being said, I have been waiting for a return to a support line that runs from Sept. 17th, 2017 through our BTC 6k low for a while. We have a wick that came down and touched it this morning and a quick turn-around. With everybody screaming 7k and lower that support line would be a fantastic place for whales to gobble up BTC under the noses of those waiting for a bottom that may never happen. Again, please produce your own TA and make decisions knowing that none of us know anything, but the possibility is there that while we are all waiting for the perfect moment to enter the reversal it may have already happen.
Note
As pointed out below, this theory also lines up with a POTENTIAL wave two close on a 50% retracement of a bullish wave 1.
Note
We just saw the close of the 2-hour and RSI is still holding its channel line. For now the possibility of this being the start of a more macro bullish wave 3 is still fair game. It broke the previous channel and could be heading to test the previous channel line. Until we clear the heavy resistance of that line, I will maintain that BTC is still in a precarious position. Note
Here is the chart showing the 50% retracement of what could be the 1st wave of a macro bull pattern. BTC has continued to hang out in the larger wedge and I would expect it to go tighter into the wedge throughout the day. We are still very capable of breaking down, and if it breaks down below $8,100 it would negate the 50% retracement option. Wave 2 is often a 50% retracement of wave 1, but can also be a 61.8% retracement of wave 1. Either way, my original thought that we could have already moved into a bullish impulse wave is still a viable option.
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