Does Bitcoin's sideways price action mean the bottom is likely in?
Is a similar pattern playing out indicating that the bottom may be in?
Bitcoin has been going sideways for some time now, pretty much ever since it broke down from $6k in November.
Now, looking at the price action, we may have done something recently that we saw back in 2014/2015 when prices bottomed.
Not sure what I am talking about, check this out:
(Source: https://twitter.com/MoonOverlord/status/1087624393499574274)
What am I talking about more specifically?
Back in November, bitcoin put in one of its worse monthly candles, ever.
Man that is one ugly candle...
Prices dropped from roughly $6k all the way down to just over $3k during the course of the month.
Now compare that to the ugly monthly candle back in 2014/2015.
If history were to play out similar to what took place the last time bitcoin faced a similar bear market, we could expect for bitcoin to go mostly sideways for the next several months.
Going a bit further, if the pattern were to remain similar, we wouldn't see bitcoin get back to that $6k level that it broke down from for roughly 7 more months.
Which would pin a recovery somewhere around August of 2019.
Normally, I would like to see more of a "V" shaped recovery before I say the bottom is in.
However, with bitcoin sometimes the bottom is much more gradual as we saw back in 2014/2015, a rounding bottom if you will.
And who doesn't love a good rounding bottom?! :)
For those that think bitcoin will go much lower and test $2k or even $1k, you may be right, however, I think there may be too much money in the way for that to happen:
(Source: https://twitter.com/MoonOverlord)
We are currently at support level 2.
There are likely some hungry whales waiting to gobble up the sell offs from here.
At least that is my suspicion based upon what I have seen over the past year or so.
Stay informed my friends.
Follow me: @jrcornel
love the way that chart looks
i hear there is 6 million bitcoins that are lost or unrecoverable and russian is buying 15 percent for reserves that means almost 40 percent of bitcoins will be off the market or gone forever
that should really help bitcoin fly once the money starts coming in in droves
i believe the bottom is in jr and i also believe that we will hit 6000 one month within the baakt platform launching and even if it doesnt i believe we will hit 6000 at the very very latest by august
awsome i dont always comment but i definitley read almost everything you post your very very well informed bud keep up the good work
Yes, there is roughly 30% of the supply said to be unrecoverable.
That Russian story is most likely 'fake-news', though hopefully they do.
i agree it might be fake news but do know every single country in the world is in debt to the bank of international settlements but russia so it could possibly happen
i want the govt to stay shutdown forever usually but i wish it would open for just one week to launch baakt platform have a great day jr
Haha yes, that may be delaying Bakkt as well as a couple other ETF proposals from being approved.
Did you see this yesterday?
https://www.coindesk.com/bakkt-makes-initial-hiring-push-for-bitcoin-futures-exchange
thanks for sharing! Hope you are right!
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Sideways beats South 😂😂😂
Yes it does corndog!
V shape will come if price capitulates which seems evermore unlikely but a round bottom would be an interesting opportunity to Dollar Cost Average. My concern is volume or lack there of.
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Yep, there seems to be dwindling interest, which doesn't bode well for a price reversal.
I'd like to have a lot more history to draw from... TBH, looking at that chart, it doesn't make me extremely hopeful. Yeah, maybe this is the bottom...or maybe it's gonna crash again. I think only time will tell. I felt very optimistic about buying crypto at this point, and even at points where it was a lot higher than this. It's all up to the whales...and possibly rich FIAT whales manipulating the market...
Yep, good points.
Great research... keep up the good work
Thanks.
Yes I believe we are close according to price. Time can take forever...however I believe this time will be quicker and I am looking at what you are as well
We are only a month or so away from lasting as long as the bear market from 2014-2015. Closing in on longest bear market ever in terms of time...
I hope so but I also suspect it may go to 2500 usd next month before it shoots to 60,000-200,000
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Yes I could see that as well. I don't we break $2k, but I could see a $3k break.
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Nothing so far indicates we have hit the bottom, but we're getting closer and closer.
The problem with bottoms is that you often can't tell they are in until prices are 50-100% higher...
I trade bottoms and highs mostly, but still more than once I have missed by just few sats or fractions. Even if I try to guess optimistically by playing safe, it doesn't mean my trade orders will get filled every time, usually every other time. Once I did set sell order at 10 times the previous high and got surprised when the price jumped 100 times the previous high. I could have added the sell order at higher than 10 times, but the likelyhood was so small that it wasn't worth the gamble.
Alright, well let me know when the bottom is in for bitcoin. :)
Looking at the difference between EMA-5 and EMA-10 suggest there is still long way till the bottom, at least two months.