COINBASE:BTCUSD   Bitcoin / Dollar
BTC is, at the moment, trying to find a bottom. As I type, it is stalled at about 7,700 on GDAX and the volume really jumped in the last 30 minutes. 24 hour volume is now over 55k, vs about 30k yesterday and 10k a couple days earlier. I don't know what volume will be when we reverse, but our high volume previously (from memory) was around 80k-90k.

We just fell back into a significant trading channel that started forming in December (Green channel). The upper Green line would have been support as long as we stayed above it.

More importantly, we fell back into the primary trading channel that started in March 2017. We broke above this for the first time around November 1st, and haven't been there since.

The heavy orange line is the primary support trendline from September to present.

We are currently working on making the "Deep V" which BTC has become known for. I've highlighted a few of the previous ones. Once we bounce from this V, I think it will be a very significant bounce. Because we dropped so far, I'm not ready to say it will lead to new highs. However, it should be enough to make people feel a bit better, and also a bounce large enough to profit from.
Kommentar: Well, we received the bounce (at $7500 on GDAX), but we are still trading in the old long term channel. It will be interesting to see if we either consolidate under the line (or even fall solidly into it) and begin treating it as resistance, or if we can bounce back out of here. Will this drop to 8300 rebound, or not? We will find out in due time! Lots of oscillators are showing we hit bottom, but actual market action certainly hasn’t confirmed it!
Well, we received the bounce (at $7500 on GDAX), but we are still trading in the old long term channel. It will be interesting to see if we either consolidate under the line (or even fall solidly into it) and begin treating it as resistance, or if we can bounce back out of here. Will this drop to 8300 rebound, or not? We will find out in due time! Lots of oscillators are showing we hit bottom, but actual market action certainly hasn’t confirmed it!
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