The time for a Bitcoin bottom is getting closer
First of all, I'd like to say that 10k might be the bottom and we might not go lower. 10k has a lot of support, so there might also be another chance for you to buy around that price for another bounce. This will coincide very well with a TD 9 countdown being completed at on the 4h which currently is on an 8.
But, the most important one will probably be the TD 9 on the 12h timeframe, which will probably complete as long as the price won't go and close above 12500 within the next 30 hours. As you can see, the last 5 times we had a nine either up or down, it lead to a decent rally. Bitcoin also doesn't really like to have more than 4 major down days, which coincides nicely with this.
At the same time the RSI is going towards being bearish after 4 whole months. Bitcoin hasn't really been oversold on the daily for 4 months, and might finally get there.
Given that at this price we aren't really oversold and we have 30+ hours until we probably bottom, I'd like to see where and why the bottom could come. My target for the best buying area below 10k, I'd say 7.5-8.5k.
The reasons are:
There was a lot of resistance and support in that area, which will make it have strong support. 7.5k, 7.8k and 8.4k were ATHs.
If someone measures the big drop in december and projects it to the recent fall from 17200$ making it an AB=CD move that would give a target around 7.5k
If someone measures the move of the recent head and shoulders pattern, he will see that the target is 8.3k.
The market will be finally be really oversold.
8k is the S2 Fibonacci Pivot
8.5k is the 0.768 Fibonacci retracement level (5.5k to 20k)
All I am doing is trying to look at some timing tools, the RSI (oscillator) and some simple other tools like Support/Resistance etc. The bullish strucure of Bitcoin has broken and it fall more. However, many indicators and past data, like how usually Bitcoin starts on January, show that what is happening is normal and that Bitcoin could turn bullish again soon.
Buy the dips, sell the bounces
But, the most important one will probably be the TD 9 on the 12h timeframe, which will probably complete as long as the price won't go and close above 12500 within the next 30 hours. As you can see, the last 5 times we had a nine either up or down, it lead to a decent rally. Bitcoin also doesn't really like to have more than 4 major down days, which coincides nicely with this.
At the same time the RSI is going towards being bearish after 4 whole months. Bitcoin hasn't really been oversold on the daily for 4 months, and might finally get there.
Given that at this price we aren't really oversold and we have 30+ hours until we probably bottom, I'd like to see where and why the bottom could come. My target for the best buying area below 10k, I'd say 7.5-8.5k.
The reasons are:
There was a lot of resistance and support in that area, which will make it have strong support. 7.5k, 7.8k and 8.4k were ATHs.
If someone measures the big drop in december and projects it to the recent fall from 17200$ making it an AB=CD move that would give a target around 7.5k
If someone measures the move of the recent head and shoulders pattern, he will see that the target is 8.3k.
The market will be finally be really oversold.
8k is the S2 Fibonacci Pivot
8.5k is the 0.768 Fibonacci retracement level (5.5k to 20k)
All I am doing is trying to look at some timing tools, the RSI (oscillator) and some simple other tools like Support/Resistance etc. The bullish strucure of Bitcoin has broken and it fall more. However, many indicators and past data, like how usually Bitcoin starts on January, show that what is happening is normal and that Bitcoin could turn bullish again soon.
Buy the dips, sell the bounces
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