The Bitcoin market is probably bottoming.Bitcoin is starting to form a similar structure as the bottoming structure of 2015.
No double bottom, no spring, no true recognizable bottoming pattern yet, but the market is possibly stabilizing Bitcoin in this area after a V reversal.
The 1week log chart shows some possible similar ranging between the 2 main Smmas:
This is very encouraging for now, unless of course some drama happens and Bitcoin falls below the 3.000$ support zone, but this scenario is now becoming less likely in my opinion.
Locally, the 50 Smma is forming a very strong resistance, and a false breakout of this 50 Smma with a pullback to the 3500$ region is not to be excluded.
Ethereum is above the 50 Smma, last seen around 1 year ago for a fakeout
Same goes for Litecoin
Xrp from Ripple isn't there yet, but it could be bottoming as well
