BITCOIN: Why We Already Hit the Bottom (according to 2014) & Price Update
Bitcoin daily
Yesterday's 10% spike in Bitcoin's price is a reminder for us, that the market will eventually turn, bringing back the good days from more than a year ago. There's no actual proof for what caused this spike; perhaps a whale entering the crypto space, or someone getting a heads up about future positive news. However, it is done and cannot be reverted.
The wick of the candle got rejected exactly at Ichimoku's Kijun (red) and the candle itself is currently at the upper line of the Bollinger Bands. However, there's still a massive resistance cloud above us. There could be a brief sell-off toward 3600$, the Tenkan & Basis/Middle line of the BBands and then a further growth in BTC's price.
A further aspect to keep an eye on is that we're about to enter the red cloud sometime this month. Or are we? There's still the possibility to be pushed down further by the cloud.
Ctrl + Click here to enlarge the image in a new tab (steemitimages)
Moving Averages
The Kijun and the upper line of the BBands align perfectly with the 55 day MA (light blue), which represents a further resistance level for us. The next important event (speaking in moving averages) is when the 55 MA will interact with the 100 day MA (red), which will probably happen sometime between the 17 and the 22 of February. We could see a hard rejection, like the one that happened with the 21 MA (yellow) and 55 on January 11 OR a potential bullish cross that could mark the beginning of a new and shy bullish cycle.
Ctrl + Click here to enlarge the image in a new tab (steemitimages)
Continuation to the 2014 comparison
Everything is going as expected for now, we're bouncing off the long 200 MA.
In March we're about to see the interaction of the 55 MA with 100, marked with the red arrow. When this happened in 2014, we already hit our lowest (which in our case is 3100$, December 10th 2018).
Make sure to check out the initial post to see the exactly what I'm talking about.
Ctrl + Click here to enlarge the image in a new tab (steemitimages)
These are some of the exchanges I use:
(you can support my work by registering via these links)
- Bitfinex - my most used exchange
- Binance - most popular exchange
- Kucoin - excellent exchange, rising in popularity
- Gate - for small cap / new coins
- Huobi - margin trading
- Coinexchange - big variety of coins
ALWAYS CREATE A DIFFERENT PASSWORD FOR EACH EXCHANGE!NEVER HAVE THE SAME PASSWORD TWICE!SAVE THE PAGES TO YOUR BOOKMARKS, SO THAT YOU WON'T CLICK ON SCAM SITES! MANY GOT FOOLED AND LOST A LOT OF MONEY!Thanks for reading and safe trading!✌
If you find this post useful, please:
Awesome, everything above 5k USD will be confirmation of uptrend. Till then accumulation.
Hope we will reach that level soon enough. I'm becoming impatient 😁
Very nice post dude.
It is nice to see that someone else was looking for a bounce on the 200w MA, too.
Yep, looking at this for more than two months now. I hope we will continue to bounce and not break that support.
Cheers!
Thanks for an informative TA post. By the way, since you use Kucoin too, whay are they removing QSP Quantstamp token? It is still quite happily traded on Binance, so what's happening there? Plus they want 32 QSP tokens fee to move my QSP off their exchange. Which is sad when you only want to move 36 tokens lol, and they take 32 as a fee leaving me with 4. They are basically lost to me. I guess it's the deflated price there, since I bought near the top.
If they are already "lost" to you, it might be better to trade them for some Bitcoin, so you won't lose your money and don't need to withdraw anything.
Hey thanks for the reply, let me take a look, trading may still be possible though I'm not sure.