Bigsky_Crypto

My thoughts on BTC

BITFINEX:BTCUSD   Bitcoin
Okay, so was that it? Was the low set on Feb. 6th the bottom? I wish I could tell you with definite certainty yes or no. Unfortunately, as I have said before no one really knows for sure. Since BTC set the low of $6000 on Feb. 6th it has bounced to a high of just under $9075. But what worries me is that BTC came down with such speed and momentum that I have to wonder if this recovery is nothing more than just a dead cat bounce, It is possible that BTC could roll over here and head back down to retest the low. If it does retest the low, the low holds and BTC starts moving higher again forming a double bottom that in my opinion would signal the bottom. On the other hand, if BTC rolls over and the Feb. 6th low does not hold I would see that as a very bearish signal, telling us that we have not yet found the bottom. On the other hand maybe the low of Feb. 6th was bottom and BTC continues to move higher from here.

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