I am venturing out on a limb and saying the bottom is in for Bitcoin
Bitcoin tanked hard last week.
Falling from around $8k to roughly $3.8k on the lows.
The fall happened right along with equity markets, which saw a terrible week in their own right.
Not even gold was immune, falling roughly 10% for the week as well.
I'm calling the bottom at $3,800...
There were a few factors that lead me to believe the bottom is likely in...
For one, the volume.
We saw massive volume on that plunge.
Bigger than just about any point in bitcoin's history...
(Source: https://bitcoincharts.com/charts/bitstampUSD#rg360ztgSzm1g10zm2g25zv)
As you can see, the volume is almost off the charts.
Secondly, the price action seemed a bit extreme for what was going on.
Yes things are bearish, but are they 50% bearish?
Gold fell by 10% yet bitcoin fell by 50%.
Just about every support line and trendline has now been violated.
This means that people are now on the sidelines.
Which is exactly what you need to see for bitcoin to move higher.
When everyone is on one side of the trade, prices tend to do the opposite of how everyone is positioned.
For these reasons, I think we likely just saw the bottom in bitcoin.
Stay informed my friends.
-Doc
#buysteem :)
You may be right, tomorrow will reveal a lot.
I saw that the market is to start at negative 900 plus points, which may continue to drop, taking gold and crypto with it.
I believe there a a lot of people sitting on the sidelines waiting to buy up on a big dip in both.... I know I am!
I have to agree, but it also seems smarter to set a stop-loss above the current price and buy as the market moves up just in case there is another round of ridiculous panic.
If hospitals in America start overflowing and we don't have the resources to deal with this outbreak surely everything should tank simply out of pure fear once again.
Wow!!! Didn’t see that coming!
FEDs cutting interest rates today
Somebody did hit the "Panic" button... We were clearly above EMA for too long and the market needed to find the equilibrium. A lot of companies were in verge of insolvency due to pressure from Corona virus so they cashed out all cryptocurrencies they could to avoid cash crisis. This is the crypto winter and the markets called for absolute zero.
Any level to the south of $3K seems about right.
No way bro, we're dropping to fill the $3570 gap, that sounds like a new bottom to me!! Everyone says it's going down, I think the masses are right this once! I have actual short targets for this move all the way down to 1595, so wait for it!! lol