In this analysis I want to discuss the possibility that Bitcoin's temporary correction might be at the ending stages and that the bullish trend might continue in the near future.
I want to look at two things: - The price has hit the purple dotted support on the chart. - The RSI has hit oversold on the 4H chart for the first time since late January, at the start of the bull-run that took us from 39k > 74k.
These two factors combined make me believe that a bottom is potentially near and that we can make a decent trade off this area. Target at 80k, stop below the March 5th dump, to create a good trade with a RR of exactly 5.
Komen
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Perfect reversal from the lineair chart. Entry hit and currently in profit.
excellent. The bottom of the bitcoin channel is currently 62,000 and will go up to at least 72,000. Of course, it depends on the speed, it may go up to 80 thousand if the speed is slow
Dylan_Jig
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Looks like a head n shoulders pattern on daily any thoughts?