Hi friends! Welcome to this update analysis on bitcoin! Before we get to it, I just want everyone to know that I’m traveling right now, in a place that has horrible internet. I’m posting from my phone right now, but my posts for the next few weeks may be infrequent. Regardless, I will do my best to support all of you – the community that I love so much! Now, without further ado, let’s get right to it!
Looking at the daily chart, we can see that is continuing to hold the triangle that it broke down from (in black,) which is an attempt to further confirm the that I’ve posted about in the past several analyses. However, price still remains below the crucial 50 (in orange.) For the 2015 bottoming to continue, we should see a hold of the triangle, and then a rally above the 50 , followed by a potential rally up to the top of the . If we see a move like that, it would be a nearly exact replication of what we saw in 2015, after the market bottomed on the weekly 200 MA (in pink.)
So, the 2015 bottoming still holds strong, suggesting that the bottom is in for the 2018 bear market. Unless we see a powerful deviation, such as a breakdown from the triangle, a major failure to surpass the 50 , and particularly a fall below the 3150 level, the evidence supporting an end to the bear market is continuing to grow. Until such evidence emerges, to convince me otherwise, I am personally of the opinion that the bear market has most likely ended.
I’m the master of the charts, the professor, the legend, the king, and I go by the name of Magic! revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Published at Tue, 12 Feb 2019 20:40:22 +0000
