Popular Post TraderDave Posted August 29, 2018 Popular Post Share Posted August 29, 2018 (edited) Exhibit A: Looking at the charts, we can see how this could be considered a "bottom". I) The bottom corresponds to the "low" before the great run to ~20k. II): Before we can call a bottom, one always has to wait for the "second" bottom, which has to be higher than the first. The first bottom was hit the week of June 16th @ 5750, the second, the week of August 12th @ 5880. This is precisely what we see happening here: https://www.tradingview.com/chart/BTCUSD/wIFVUdzF-Bitcoin-Bull-Is-Here-Part-1/ III) This "bottom" corresponds to the second lowest, long-term bull channels -- precisely at the .786 fibonnaci retracement level. IV) The reverse head and shoulders resulting in the jump to 8491 marked the real trend reversal to the upside. Also of interest: the trading pattern in this region was bullish, travelling through the same bull channels, which we are now re-entering. Exhibit B: The Weekly MACD is literally showing signs of green, which is literally a buy signal: Exhibit C :We are literally trading above the yellow weekly EMA. If the price climbs above the pink, the yellow EMA will pierce the pink EMA to the upside. Go check and see what happens when the daily or hourly crosses to the upside/downside. Exhibit D : Remember the bitcoin whale crushed after he took a substantial margin position? Allow me to refresh your memory: https://bitcoinexchangeguide.com/okex-460-million-bitcoin-long-liquidated-but-not-filled-crypto-has-a-new-elephant-in-the-room/ Why would a whale make such a bad call? Again, at that point, we were trading above the pink EMA, it is my belief he assumed the weekly EMAs would cross, and thus the price would not fall further. Further, the reverse head and shoulders (trend reversal) would have provided them with reason to believe a trend to the upside was now in session. Exhibit E: Record-breaking "shorts" have provided the necessary fuel to explode through any and all resistance levels. The April 12th run to the ~9900k price point was fueled significantly through short closure/liquidation. Exhibit F: Bitcoin dominance in the past few weeks has increased. I'm sure you, XRP holders have become well-aware of this. Essentially, all of the alt-coins have been converted to Bitcoin. Two possible explanations: 1) Expected bitcoin decline, and thus, corresponding btc/alt coin value. 2) Expected bitcoin rise (before alt-coin pump), and thus a shift to what will become the higher value asset. This is precisely what happened the week of June 16th -- when I see the reversal to the upside as having occurred. Lastly, all of the indicators and tools have shifted in the past few weeks to beyond "oversold" conditions. The final confirmation will come when we make a higher high (which I anticipate will occur in this next pump to 9k territory), followed by a second higher low. Time will tell. Edited August 29, 2018 by TraderDave WrathofKahneman, Wesa182, Falx33 and 10 others 9 4 Link to comment Share on other sites More sharing options...
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