IS THIS THE BOTTOM FOR BITCOIN???
Well would you look at that, a Bitcoin analysis.
Opting for the Higher time frames here, from the chart above we have 4 trendlines, all of which have played significant roles in bitcoin achieveing it's current price action.
Looking at the trendline that initiated the bounce on November in the year 2011, bitcoin has found itself at the trendline once again after a tiresome year of sideways movement. You could say this is the bottom.
Now in march year 2020, a sell-off came about due to the news of Covid-19 which was a life event that threw technical analysis out the window and saw us create a new trend support.
Prior to that, Bitcoin took a bounce off the first trend support shown in the chart and went up all the way to our current trend resistance to make a local top of 13.9k before initiating the covid sell-off event, a move which spanned 9months(274days) from local top to global bottom and still managed to close the month just above our Nov. '11 trend support. (Which means it is a strong area of support)
Right now, bitcoin once again has hit that same resistance where the local top was made, and is at the trend support from which the sell off eventually closed its candle but is also on the 9th month of the move (but 275 days instead). Should this monthly candle close without making a sell-off to the covid trendline, i can confidently say this is the bottom and that we would see new highs including a cycle top this year by at least Q2.
But becareful, some alts still havent reached support, so it is possible that this isn't the bottom.
If you agree with this idea, pls make sure to like and leave your thoughts in the comments section.
As always, feedback is appreciated.
Opting for the Higher time frames here, from the chart above we have 4 trendlines, all of which have played significant roles in bitcoin achieveing it's current price action.
Looking at the trendline that initiated the bounce on November in the year 2011, bitcoin has found itself at the trendline once again after a tiresome year of sideways movement. You could say this is the bottom.
Now in march year 2020, a sell-off came about due to the news of Covid-19 which was a life event that threw technical analysis out the window and saw us create a new trend support.
Prior to that, Bitcoin took a bounce off the first trend support shown in the chart and went up all the way to our current trend resistance to make a local top of 13.9k before initiating the covid sell-off event, a move which spanned 9months(274days) from local top to global bottom and still managed to close the month just above our Nov. '11 trend support. (Which means it is a strong area of support)
Right now, bitcoin once again has hit that same resistance where the local top was made, and is at the trend support from which the sell off eventually closed its candle but is also on the 9th month of the move (but 275 days instead). Should this monthly candle close without making a sell-off to the covid trendline, i can confidently say this is the bottom and that we would see new highs including a cycle top this year by at least Q2.
But becareful, some alts still havent reached support, so it is possible that this isn't the bottom.
If you agree with this idea, pls make sure to like and leave your thoughts in the comments section.
As always, feedback is appreciated.
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