It's important to zoom out on your charts to see what's going on and that's exactly what I've done here. Looking at the daily, we see Bitcoin was moving within a channel that formed in the beginning of 2017.
Within that channel, an Elliot wave began around March 24 and hit point 5 on November 7th at a high of ~7.8k. We saw the beginning of a reversal but Bitcoin had other plans and sent us to 20k (I was going to label these but the chart was getting messy and it's mostly irrelevant now). This was reversal was long over due and is healthy, but I am optimistic we are near the end.
Looking at the chart, we're in a falling wedge (bullish) headed towards the bottom of the aforementioned channel. Look at the green arrows I've put on the chart as well as all 3 indicators. Every big correction in 2017 coincided with our Stoch RSI, RSI and CCI going well into overbought/oversold territory. What has happened every time after this? Bull runs. 79 days, 234% gain. 50 days, 177% gain, 54 days 161% gain.
Now, what does our Stoch RSI, RSI and CCI look like right now? Almost like it's due for a bull run right? Combine that with the previously mentioned falling wedge headed towards the bottom of the channel and I am very confident we begin to see a reversal within the week or so. If anyone out there is single, you're going to have a happy Valentines Day this year.
Those bull runs I mentioned? Guesstimate a similar run after hitting 7k and it gives you approximately 20k by the end of March. Maybe it ends up hitting 20k mid March or end of April but the point is, bear market is nearing an end and a bull run is forthcoming. On that note, look at the chart from January to March 2017. Big dip in January, albeit it bottomed out much faster, but it returned the previous ATH around February 23rd.
For the pessimists out there that think this to good to be true; I see a weak support around 5.2k and strong support at 3k (2016's channel is converging and the upper channel resistance hitting the horizontal support/resistance). 3k would be the absolute bottom, in my opinion, barring catastrophic news in crypto land.
Let me know what you think.
Within that channel, an Elliot wave began around March 24 and hit point 5 on November 7th at a high of ~7.8k. We saw the beginning of a reversal but Bitcoin had other plans and sent us to 20k (I was going to label these but the chart was getting messy and it's mostly irrelevant now). This was reversal was long over due and is healthy, but I am optimistic we are near the end.
Looking at the chart, we're in a falling wedge (bullish) headed towards the bottom of the aforementioned channel. Look at the green arrows I've put on the chart as well as all 3 indicators. Every big correction in 2017 coincided with our Stoch RSI, RSI and CCI going well into overbought/oversold territory. What has happened every time after this? Bull runs. 79 days, 234% gain. 50 days, 177% gain, 54 days 161% gain.
Now, what does our Stoch RSI, RSI and CCI look like right now? Almost like it's due for a bull run right? Combine that with the previously mentioned falling wedge headed towards the bottom of the channel and I am very confident we begin to see a reversal within the week or so. If anyone out there is single, you're going to have a happy Valentines Day this year.
Those bull runs I mentioned? Guesstimate a similar run after hitting 7k and it gives you approximately 20k by the end of March. Maybe it ends up hitting 20k mid March or end of April but the point is, bear market is nearing an end and a bull run is forthcoming. On that note, look at the chart from January to March 2017. Big dip in January, albeit it bottomed out much faster, but it returned the previous ATH around February 23rd.
For the pessimists out there that think this to good to be true; I see a weak support around 5.2k and strong support at 3k (2016's channel is converging and the upper channel resistance hitting the horizontal support/resistance). 3k would be the absolute bottom, in my opinion, barring catastrophic news in crypto land.
Let me know what you think.
Bình luận:
Prices dipped lower than 7k but currently it looks like we're going to have a hammer candlestick which indicates a reversal. Wait and see how it closes.