It seems to me from your graph that you just connect some dots randomly and then make a straight line at a random place to satisfy your bull****. That line could be drawn at 2950 or 1300 for all I know based on you chart and the drawings..So:
First off, the bottom was 6000 and let me tell you why so I can save you alot of money for buying higher than now.
1: The pinbar at 6000 with the volume spike and RSI / MACD both pointing bullish divergence indicates start of a new cycle. This cycle will be slow and painful until around summer time (check coinmarketcap.com)
and this is what literally happens every single year at almost same seasons. Additionally keep an eye on the news, that is what drives the market. As you saw since few weeks there was massive fud around bitcoin and cryptospace
(Korea, India etc.). Now those have died and they got neutralized by the same Fuders (since they bought at the price they wanted). Now when you see the news, its all suddenly positive and everyone wants to
do this and that with bitcoin. Additionally, if you draw all the Major corrections(bottom) on bitcoin you see that the line intersects exactly at 6000, which is where the bottom is. Anyone telling you otherwise is just fucking with you.
2: Watch the RSI at 1H and buy in when you see it hit around 30. Otherwise you will probably end up FOMO and buy at higher prices.
Damn I wrote alot... anyways it was meant to help! good luck
We saw a bottom at 6k, but who knows if it goes a bit low?
Were I painted the Support at 5000 was because is the first resistance point if you look at the monthly chart :
That is true about the FUD, there is no FOMO yet, and only 1 good news (the SEC) that was "neutral". Because is not positive, but as well not negative.
We still in a very bearish market, and the RSI just shows past events, this world is new, and it doesn't matter what happend before. It helps for the TA but is not 100% sure.
The yellow line is the union of the largest candles with the higuest volume of the last 2 monts.
As I said, this is just an idea, and I am waiting for trading again. As we still bearish, I hope a rebound or breake the 6k bottom. I don't think it will go from now to 25K, it will take time.
Thanks for reply, and take it easy!
Check my twitter: https://twitter.com/kriptoftheweek