Hello Crypto friends, we finally broke out of the Purple downtrend line marked on our chart that has been haunting us for the past few months and it couldn't have come at a better time. We were just above critical support levels at the green trend line around the $6500 mark. A break below these levels would've pushed us wayyyyy down, so cheers to that. The big question right now that everyone is asking is whether or not we have actually bottomed out in this market or not. Some are saying it's over, others are saying this is bull trap. As always, time will tell.
Bottom? Some analysts and hedge funds such as Pantera Capital are saying this is the bottom and that we shouldn't see Bitcoin go below the $6500 range for the rest of 2018. While the break up out of the downtrend channel depict signs of hope, I would watch to make sure we don't fall back into the downtrend channel even though we may see a pullback and touch the top once again. We saw RSI come to a dead stop at 75 and Bitcoin came to a complete hault at $8100 levels.
We'll keep watching closely and update for the next move.
Oh and try using ADX to spot the turns aka bottoms aka tops too!
Mikephicc
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I’d rather use Fibo placing 100.0 % level at $ 6,010 in February’s first week and 0.0 % on the first top at $ 11,700 in the 28th. That Fibo remains active. Try it.