Calling it - That $17.6k dip was the low for this pullback in BTC
Bitcoin saw more volume on that 4H reversal at $17,600 than it did in any of the 4 hour candles on the way down
I am going to go out on a limb and say that was the low for bitcoin during this pullback.
Yep, the daily chart still looks like it could roll over, but it's not going to.
The reason being?
Everyone wants in right now so it's just not going to correct much further.
The 4h reversal candle had more volume in it than any other candle in the last several days on the way down.
Sees:
(Source: https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD)
While that isn't a guarantee that it was the bottom by any means, but it's what you see at bottoms.
Plus you know everyone is waiting for that $17k gap fill which means it's probably not coming.
Sorry gap buyers, you're going to have to chase.
Mark this post and call me the hero or the goat over the coming days/weeks.
I am thinking hero will be the most appropriate. :)
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I think so as well but that might be wishful thinking lol.
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Now just give me a double bottom retest so I can actually buy there. :)
I still believe it will get lower. I read about this on twitter as well today, but my gut feeling tells me we've had too much upward movement for too little correction.
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Very interesting analysis. Good to see this point of view.
I was one who felt we could see some lower levels but it wouldn't surprise me if this was the most recent bottom.
Tomorrow will be telling.
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So far so good. Lets see what the Asian trading hours bring, and then when the US opens in the morning.
Well I bought around there, it was too tempting, although half of me is expecting a sizeable sell off before Xmas.
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Maybe the Chinese New Year garbage will be an issue again, though that is after Christmas.