Bitcoin putting in a rounded bottom?
I was chatting in my trade group yesterday, and it was brought to my attention from my mentor that we could be seeing a rounded bottom forming. I went ahead and drew in two possibilities with different trajectories. I'm neither bullish nor bearish, instead I just listen to what the charts are telling me and long or short accordingly. Its hard not to see that bitcoin has been putting in a rounded bottom since the entry of its falling channel (also a bullish trend).
For those that say "we need to fill the CME futures gap down at $8,500", did you know we also have two CME futures gaps above us? $17,700 and $18,500 from the previous mega bull run. This post is meant to spark conversation and to make us all realize that we cannot be biased towards one direction or the other. We must follow the subtle hints left by bitcoin and prepare ourselves for either scenario. With this information, before taking a large position I am waiting for bitcoin to break through. If these lines are properly placed, we will see a breakout from the falling channel within the next 14-15 days.
Regardless, there is still a very real possibility that we revisit the bottom of the falling channel. My one caveat here is that bitcoin tends to do the opposite of what the masses think it's going to do. With the vast majority of people saying bitcoin will drop to fill the $8,500 gap (and they very well could be right), it could be quite possible that history repeats itself and bitcoin decides to keep running up instead. Lets wait and see.
Please keep any comments respectful and lets have a discussion about this! Each and every opinion is valid and encouraged. Who knows, by the time I post this bitcoin could fall through the parabola and plummet to $8,500. The point is to be ready for anything. Anyone who may say I'm being overly bullish - most posts are currently bearish and I wanted to talk about something different. Whats the point of me just posting another bearish idea? We must consider all possibilities.
Side note: for those that may be wondering the moving averages are 21 MA (blue), 50 MA (green), 80 MA (yellow), 100 MA (orange), 200 MA (red).
For those that say "we need to fill the CME futures gap down at $8,500", did you know we also have two CME futures gaps above us? $17,700 and $18,500 from the previous mega bull run. This post is meant to spark conversation and to make us all realize that we cannot be biased towards one direction or the other. We must follow the subtle hints left by bitcoin and prepare ourselves for either scenario. With this information, before taking a large position I am waiting for bitcoin to break through. If these lines are properly placed, we will see a breakout from the falling channel within the next 14-15 days.
Regardless, there is still a very real possibility that we revisit the bottom of the falling channel. My one caveat here is that bitcoin tends to do the opposite of what the masses think it's going to do. With the vast majority of people saying bitcoin will drop to fill the $8,500 gap (and they very well could be right), it could be quite possible that history repeats itself and bitcoin decides to keep running up instead. Lets wait and see.
Please keep any comments respectful and lets have a discussion about this! Each and every opinion is valid and encouraged. Who knows, by the time I post this bitcoin could fall through the parabola and plummet to $8,500. The point is to be ready for anything. Anyone who may say I'm being overly bullish - most posts are currently bearish and I wanted to talk about something different. Whats the point of me just posting another bearish idea? We must consider all possibilities.
Side note: for those that may be wondering the moving averages are 21 MA (blue), 50 MA (green), 80 MA (yellow), 100 MA (orange), 200 MA (red).
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