Historically Bitcoin has had a correction back down to previous highs, which acts as support. By probability, Bitcoin should bounce back up and make ATH's from here.
I'm keeping it simple with the TA, but you can also look at the daily candles and see oversold conditions on the RSI, and we bounced beautifully of the 200 day MA.
Right now I see strong buy volume, strong support from previous highs and what also looks like a falling wedge reversal which we bounced off for the 3rd time. To me these are strong signals that Bitcoin has indeed hit the bottom. Lets see how this develops, and if we can break out of this falling wedge over the next few days/weeks.
Key levels to watch are the resistance points at 10000, and 12600. If we smash through those then I don't see much stopping bitcoin making ATH's.
I'm keeping it simple with the TA, but you can also look at the daily candles and see oversold conditions on the RSI, and we bounced beautifully of the 200 day MA.
Right now I see strong buy volume, strong support from previous highs and what also looks like a falling wedge reversal which we bounced off for the 3rd time. To me these are strong signals that Bitcoin has indeed hit the bottom. Lets see how this develops, and if we can break out of this falling wedge over the next few days/weeks.
Key levels to watch are the resistance points at 10000, and 12600. If we smash through those then I don't see much stopping bitcoin making ATH's.