DrDovetail

BTC Price bounces off an old trendline from back in July

BITFINEX:BTCUSD   Bitcoin / Dollar
BTC             has been very oversold on RSI as of a late so a bounce was to be expected. It also happened to bounce offf of an old trendline (pink line) that can be traced back all the way to July. In this bear market we've seen many "dead cat bounces" so far though so best to only ladder in a little at a time with the pink trendline suppport of 5960 being where you buy in and maybe take profit around 6425. I'm not getting my hopes up that this is going to be the big bounce and instead I expected we could go slightly lower into the 5000s...if so it wqill likely happen reach that target in the next few days unless we can bust through some of our former resistance walls and turn those back into lines of support.
Kommentar: The "No new regulations for now" conclusion of the senate hearing today helped provide a great bounce, and volume wise if todays volume swell finishes in the green we could be seeing a volume swell on par with the likes of the one we saw way back around september 15th which was the catalyst to the bull run that took us to our ATH! Everything is looking very encouraging right now and if I see the candle close in the green as a green hammer, I will know that with the volume we just got that it's very likely we found our bottom...I also anticipate that we may still find a way to somehow dip back to the 5900 level to signal a double bottom, but that seems to be less of a possibility now.
Kommentar: all of my analysis has been somewhat neutral up until this point but if everything closes on a positive note today then I may have to start leaning towards the long side of things again,
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