Bitcoin's Bottom
The ass seems to have fallen out the Bitcoin market again, and as I type we're currently testing the 78% Fibonacci retracement level, as you can see here:
https://www.tradingview.com/x/rKXMAgZF/
4 Hour Chart
Clearly I've been too soon on trying to pick the bottom, but I'm still new at TA so that's not too surprising. It's always wise to wait for confirmation of a trend change before jumping in, because just like tops, bottoms can be tough to pick.
Where Is It Though?
As already mentioned above, the first key level is where we are right now, as the 78% retracement line is currently offering support.
If that breaks down there are 2 further support levels, followed by one scary scenario:
- $8000-$8250 is a support/resistance area (I forgot to mark the $8000 level above)
- $7500 is the next support line if those two levels get breached
- A full retracement to around $5800 is possible if those level fail to hold too...
I'm not going to guess at which one of those levels we finally see the bottom forming, but I was watching a Tone Vays video earlier where he mentioned the $7500 level as a potential bottom. I'm sure this is a guy you've heard of, and he's been doing TA far longer than me! So that could be a key level to watch.
Here is that vid if you wish to watch it:
I'll be keeping an eye on it as always, and if you've got any links to your analysis or thoughts on where we could be heading? Feel free to drop them below!
Thanks for viewing!
For more technical analysis and cryptocurrency related posts, see also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @allthereisislove, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy
Not financial, investment or trading advice and for entertainment purposes only.