4 reasons why Bitcoin has bottomed out

[Chaintrader_1]

Hey guys,

I really do think Bitcoin has bottomed out right now.
1st we haven't seen any close below the weekly EMA and it acted as support
2nd Correction of 45% one of the highest ones so far
3rd Bullish divergence on the weekly chart
4th triple bottom reversal pattern

For my complete analysis check my YouTube video : https://youtu.be/XUyoGTJH8FY

[Zicadis]

There are definitely some indicators that Bitcoin is bottoming out. However, when looking at a macro perspective and taking into considering the global financial markets, it doesn't look quite so pretty.

The US and Europe are dangerously close to a recession, which is likely to bring down the cryptocurrency markets with it. Contrary to popular belief, people actually tend to avoid more experimental assets during times of economic uncertainty, so even if the traditional markets collapse, Bitcoin will likely follow.

[exstasie]

Hey guys,

I really do think Bitcoin has bottomed out right now.
1st we haven't seen any close below the weekly EMA and it acted as support
2nd Correction of 45% one of the highest ones so far
3rd Bullish divergence on the weekly chart
4th triple bottom reversal pattern

For my complete analysis check my YouTube video : https://youtu.be/XUyoGTJH8FY

You were expecting a breakdown to $6,500 last week right? Interesting to see the abrupt change of heart.

The bottom EMA ribbon support looks nice, but we don't have too much historic data to go on besides that one wick down in August 2016. I agree with the second point. We've already seen a huge 45% correction and it's hard to expect much more if we are in a bull market. Based on the monthly/yearly candles, I think we are.

Hidden divergences are always tricky. They usually produce something but sometimes it's a dead cat bounce rather than a reversal. All in all I'm cautiously bullish but I don't think the door has completely closed on a final shakeout.

[pixie85]

I also think the bottom is in but we could come a little lower to touch 7500 before going back up. RSI is really oversold and last time it was like that we went up.

I'm almost sure we are getting close to a big push up and we will go there from here or break to 7500 and go up from there. Even the bears have incoming halving somewhere in the back of their heads and they won't dump everything like retards but will be looking for a point to buy in.

[nelson4lov]

There are definitely some indicators that Bitcoin is bottoming out. However, when looking at a macro perspective and taking into considering the global financial markets, it doesn't look quite so pretty.

The US and Europe are dangerously close to a recession, which is likely to bring down the cryptocurrency markets with it. Contrary to popular belief, people actually tend to avoid more experimental assets during times of economic uncertainty, so even if the traditional markets collapse, Bitcoin will likely follow.

You made a good point. I'm also keeping an eye at how other financial markets are doing while checking out Bitcoin. If the recession does happen like economists have been predicting for weeks now, several markets would take hits but I feel it'll be different this time. You could be wrong, people might decide to just invest in btc since the economy isn't strong enough rather than just keeping their money untouched - - Most people don't enjoy leaving money on the table. So we could see high influx of new money coming to crypto market.

Again, I could be wrong. But there's a possibility of things being different this time. You never can tell.

[rodel caling]

There are definitely some indicators that Bitcoin is bottoming out. However, when looking at a macro perspective and taking into considering the global financial markets, it doesn't look quite so pretty.

The US and Europe are dangerously close to a recession, which is likely to bring down the cryptocurrency markets with it. Contrary to popular belief, people actually tend to avoid more experimental assets during times of economic uncertainty, so even if the traditional markets collapse, Bitcoin will likely follow.

Yeah exactly sir that is truly correct if the traditional markets collopse thatnis surely bitcoin is affected and the whole crypto currency, it's simple reason bitcoin peice value is depending in the usd so far, but bitcoin is have an own movement. That is not nly my own opinion and view.

[Rufsilf]

There are definitely some indicators that Bitcoin is bottoming out. However, when looking at a macro perspective and taking into considering the global financial markets, it doesn't look quite so pretty.

The US and Europe are dangerously close to a recession, which is likely to bring down the cryptocurrency markets with it. Contrary to popular belief, people actually tend to avoid more experimental assets during times of economic uncertainty, so even if the traditional markets collapse, Bitcoin will likely follow.

Yeah exactly sir that is truly correct if the traditional markets collopse thatnis surely bitcoin is affected and the whole crypto currency, it's simple reason bitcoin peice value is depending in the usd so far, but bitcoin is have an own movement. That is not nly my own opinion and view.

The crypto market still shaking by then, not just USD goes down but of the whole economic system.

https://bitcoinist.com/binance-research-bitcoin-bottomed-out/ we are actually out from this since last year and we are too much speculating that we can make another peak which eventually gives a reason of the people not to believe that we are already in the bullish( IMO). But we have it now, not really at high just like we experience in 2017 but we are in good now unlike last year.

[febriyana]

There are definitely some indicators that Bitcoin is bottoming out. However, when looking at a macro perspective and taking into considering the global financial markets, it doesn't look quite so pretty.

The US and Europe are dangerously close to a recession, which is likely to bring down the cryptocurrency markets with it. Contrary to popular belief, people actually tend to avoid more experimental assets during times of economic uncertainty, so even if the traditional markets collapse, Bitcoin will likely follow.

Yes..
The recession maybe one of reason Bitcoin crashed.
People prefer buy physical asset like Gold and Silver to keep value.
There is some some regulation make Bitcoin more bearish, like China banned cryptocurrency. We know China is one the biggest crypto user. Hope cryptocurrency can bullish soon.

[adroitful_one]

Bitcoin seems more tied to gold and silver to me than it does the stock market. When Bitcoin last hit its all time high in January 2017, the stock market was just meh. From what I can tell, people pull their money out of the stock market and invest it into things like Bitcoin, gold, silver, and other precious metals whenever the markets isn't favorable.

[jmigdlc99]

Hey guys,

I really do think Bitcoin has bottomed out right now.
1st we haven't seen any close below the weekly EMA and it acted as support
2nd Correction of 45% one of the highest ones so far
3rd Bullish divergence on the weekly chart
4th triple bottom reversal pattern

For my complete analysis check my YouTube video : https://youtu.be/XUyoGTJH8FY

Agreed, great analysis. I also feel the same way and have actually bought more bitcoin at the $7000 levels.

If we aren't due for an uptrend bullish cycle soon, i'd be surprised. All the indicators are screaming for the bulls to return and it seems like all we need to do now is hold and wait for the the value to rise. I'd highly recommend buying more bitcoin now, but as always, trade at your own risk.

[ecnalubma]

Interesting analysis, hoping the market will show us an impressive move since Bitcoin is staying at $7,800 to $8,500 level it seems that someone might be keep maintaining this level before the break-out. This could be a good quarter of the year regardless of the not so good performance of the market, Bitcoin has possibility to change market behavior anytime soon.

[ChrisPop]

I'm skeptic that Bitcoin has made a major bottom yet but it can be certainly be a scenario. We've seen some serious volume supporting the 377 EMA on the daily ~$7800-$8000 level. When bottoming you want to see decent volume that indicates buyers are more aggressive in that area. But we still haven't been able to break the 200 EMA which is quite concerning, but let's watch the price.. it looks like we're going to have second test of it.

On the higher timeframes Bitcoin is looking more bullish. The monthly chart looks like it want to test the 21 EMA which makes me think that we still have to go down a leg or two.

[Willitivity]

Certainly at the moment, there is much to believe that BTC has bottomed out. I'm just waiting on the improvements to show on the market, it's a very fragile situation right now, it could fall much under again especially when you consider the $6800 support level which has been tested severally. I'm bullish on Bitcoin at the moment, but best to watch and see how this goes.

[teosanru]

I think this bullish momentum has arrived since quite a few days but Bitcoin is still not able too see adequate volume required for pump. I think maybe this sideways movement from 8000-8500 will breakout upwards and only then we would be able to see atleast some bullish momentum. Moreover it's also evident that this range needs to hold up and if we fall below 8k then definitely we are facing some bigger problems as we are going below 7k towards the 6k support. I think the coming two or three days would be crucial as they could give a signs which way we are breaking out.

[sandra_x]

Your points are valid, but bitcoin does its own thing,It seem we are not out of the wood yet, the bears seem to be heading stronger, let's hope the resistance is not broken, else we will be going down the rabbit hole again. The market is long overdue for a return.

[scambust]

I thought the Bitcoin bottom was $3,121? Anyway, for this current push up from the yearly low, Fibonacci retrace of a little more than 61.8% (from the weekly chart) is typical of Bitcoin.

So this correction after the breakdown of the descending triangle seems to be over and it is also very oversold. I expect $8k to be held strongly and maybe some sideways move.

[electronicash]

stronger support this time so its almost sure we have bottom out the bears are all weary in taking out all their profits. we see less of them selling at low price and there were traders withdrawing their BTC  from exchanges. not really happy to what is going on in hongkong but if the crisis will make them resort to BTC, i'd take it as good reaction from those people. the recessions speculated by the finance gurus i think will also help cryptocurrency on the rise.

[TrevorS]

I doubt very much that we felt for the bottom. It seems to me that the scenario with the descent of bitcoin to the support level of $ 6800 is much more likely than the fact that we will push off from the current level.
Bitcoin is being traded in a rather narrow corridor for the past few days, I see no prerequisites for growth, unless local growth is likely to reach levels 8800-8900 and then a decline.

[BitHodler]

I doubt very much that we felt for the bottom. It seems to me that the scenario with the descent of bitcoin to the support level of $ 6800 is much more likely than the fact that we will push off from the current level.

I agree. People severely underestimate the current market, which they have always done because when you want to see your coins go up, you will come up with bullish bottom scenarios to please your thinking and reduce some stress.

Longer term speaking, bouncing off some important moving averages is what I find quite bullish, which is why I'm looking forward to ~$7k because that could potentially be a level at which the trend reverses.

I do however believe that we lost the $10k level this year, so after a major correction it will be a slow grind up to break $10k before to block halving to hopefully never see such levels ever again. It's a great time to have fiat ready now.

[NeuroticFish]

Patterns over patterns...
I wish OP is right, but I cannot believe him. Yes, TA may support everything he said. But there's still a mix of expectation and uncertainty, and that uncertainty still can be exploited for relatively short time gains.
So the price going further down is still possible imho. Maybe it "cannot" go lower than 7500 or 7000, but that's another story.