Bitcoin has touched $17,558 price which no one expected to be this quick. While Many Traders Got liquidated due to this steep move. Recent Developments in Crypto Market Such as Celsius, 3AC caused this Bitcoin Crash.
Crypto Community in Confusion Whether the Bitcoin Bottom is In. Well, Here are 15 Reasons Bitcoin has Bottomed out.
1) Bitcoin Crash Similar to Covid Crash 2020
People are drawing connections between the current crisis and the Covid Crash that is expected in 2020. The structure is, in reality, quite similar.
Evidence that the bottom objective was fulfilled is provided by the fact that A’s progress was tracked.
The target of $16,110 is represented by the letter B. (measured move).
2) Important Indicator Signaling Bitcoin Bottom
indicator for identifying whether Bitcoin is reaching its bottom or peak gave a signal yesterday suggesting that we are close.
3) Previous Bitcoin Cycles
to the bear market that took place between 2018 and 2020.
It seems like we’re re-creating the same thing over and over again. To put it another way, with less time.
Look at the dotted trend. $BTC got into touch with it the other day.
4) Mayer Multiple Bands
Mayer Multiple Bands is another another excellent signal (MMBs).
The orange band showed up one last time at the Covid Crash.
$16652 as a current touch for the band which could be possible bottom.
5) 200 Weekly Moving Average
The 200 Weekly MA-Line may have a link to this.
Market volatility and the exodus of the weakest players occur when too many individuals are waiting for something to happen that never happens.
6) Gaussian Channel
Historically speaking, when the Gaussian channel went red, it was a wonderful opportunity to purchase since it suggested an upward trend.
Additionally, it is significant to notice that the ultimate bottom of $BTC always happened at the start of the red channel. This must not be ignored.
7) Bitcoin’s Weekly RSI at Weekly Lows
There have only been two weekly RSI below 30 in the whole history of Bitcoin.
It’s at a record low for the RSI at this point in time.
8) Bitcoin Rainbow Chart
We have arrived to the most profitable purchasing price for Bitcoin at this time.
9) Previous Crypto Cycles
10) Fear & Greed Index
Bitcoin has never been this low on Fear & Greed Index which is indicating the bottom is In or Is Really Close.
While Bitcoin Bottom Could Be Really Close or Bitcoin Might have Already Bottomed out. Finding Exact Bitcoin Bottom is not Easy. Credits Goes to el_crypto_prof on Twitter for the Analysis.
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