As long as the price holds above 3350 on Bitstamp I think we will see a relief rally to $3650.
There is a distinct possibility that we have put a bottom in for 2018 since the price came so close to the resistance and the $3000 psychological level. Many had predicted a bottom at $3200 as well.
As I mentioned in the related post on the weekly chart linked below:
"The weekly Stochastic RSI , 200-week moving average, high leveraged shorts, horizontal support, and weekly Bollinger Band all indicate that we are coming up on a tradable bottom (at least.)
Having adjusted the Bollinger Band to identify secular periods of euphoria and desperation in the Cryptoshere, it is clear that we are in a rare time of desperation for Bitcoin aficionados. It is in a time like this that the bottom of the 2014 bear market ended. In hindsight, it was the best time to buy BTC before the last bull run.
I believe that in the next week we will see a very tradable bottom and a significant rebound in prices. It is likely that the low of the coming days will also mark the bottom of the 2018 Crypto Bear Market."
There is a distinct possibility that we have put a bottom in for 2018 since the price came so close to the resistance and the $3000 psychological level. Many had predicted a bottom at $3200 as well.
As I mentioned in the related post on the weekly chart linked below:
"The weekly Stochastic RSI , 200-week moving average, high leveraged shorts, horizontal support, and weekly Bollinger Band all indicate that we are coming up on a tradable bottom (at least.)
Having adjusted the Bollinger Band to identify secular periods of euphoria and desperation in the Cryptoshere, it is clear that we are in a rare time of desperation for Bitcoin aficionados. It is in a time like this that the bottom of the 2014 bear market ended. In hindsight, it was the best time to buy BTC before the last bull run.
I believe that in the next week we will see a very tradable bottom and a significant rebound in prices. It is likely that the low of the coming days will also mark the bottom of the 2018 Crypto Bear Market."
