BTC bottom?
As expected, the fall stopped at the bottom of the Support Zone. Here we have 200-days EMA, 61.8% Fibonacci retracement, Bullish Trend Line (Support Trend Line for the global uptrend); February lows (9250.0) also stays near.
Obviously to buy now, without any proves of the reversal tendency would be a high risk. Downtrend movement had high momentum, so the rebound pattern will take time, while traders will gain trust in BTC.
Rebound confirmation levels:
Fundamental factors:
MtGox funds selloff
The most important news lately is MtGox selling its funds. Briefly: MtGox was selling it's BTC and BCH enormous founds to cover their debts in USD. There is an opinion that every huge drop for the last time (including the recent) was started with the huge selloff of MtGox assets. It's worth keeping a close eye on the news on this topic.
Binance hack
Binance hack now associated with a hacker attack on the third party companies (trading bot providers); the exchange restores its honest name.
Obviously to buy now, without any proves of the reversal tendency would be a high risk. Downtrend movement had high momentum, so the rebound pattern will take time, while traders will gain trust in BTC.
Rebound confirmation levels:
- 9250.0 - February low
- 10000.0 - Strong Psychological level
- Bearish Trend Line (orange trend line on the chart) - Resistance which limits global downtrend pattern from the upside. Breakthrough of this level will show that the downward tendency is violated.
Fundamental factors:
MtGox funds selloff
The most important news lately is MtGox selling its funds. Briefly: MtGox was selling it's BTC and BCH enormous founds to cover their debts in USD. There is an opinion that every huge drop for the last time (including the recent) was started with the huge selloff of MtGox assets. It's worth keeping a close eye on the news on this topic.
Binance hack
Binance hack now associated with a hacker attack on the third party companies (trading bot providers); the exchange restores its honest name.
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