BTC Short-term Bottom Around19k
Updated
This is an overly simplified analysis on why I think BTC is bottoming out around 19k. While this analysis is extremely simple, it pairs nicely with other analyses out there pointing to a possible rebound around 19k.
1.) First, BTC nearly hit the 0.618 fibonnaci level (the strongest support) on the all-time Binance chart. Although the Binance chart doesn’t date back before 2017, I think it’s important to look at it considering it’s the largest crypto exchange by volume. I think it’s a bit strange I haven’t seen a single analysis mentioning this yet.
2.) BTC just hit the bottom Bollinger band on the 1M Binance chart, which offers a bit of additional support.
Everyone seems to be waiting for 16k. Personally, I think they’re going to be left behind.
1.) First, BTC nearly hit the 0.618 fibonnaci level (the strongest support) on the all-time Binance chart. Although the Binance chart doesn’t date back before 2017, I think it’s important to look at it considering it’s the largest crypto exchange by volume. I think it’s a bit strange I haven’t seen a single analysis mentioning this yet.
2.) BTC just hit the bottom Bollinger band on the 1M Binance chart, which offers a bit of additional support.
Everyone seems to be waiting for 16k. Personally, I think they’re going to be left behind.
Note
I also forget to mention:- Altcoins seem to have bottomed out. While Bitcoin has hit new lows, the majority of altcoins continue to maintain the support that they hit on 5/15 or before. This may be an indicator of a reversal for the market, at least for the short term.
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Entry: $19,010Target: $23,800
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