So far so good, but we need a little extra push up. Also, we need a crossover on the Stoch RSI
. I think bitcoin
might still be a bit frugal due to the expectation that the death cross will drag it down a lot. As I explained in my previous post, I feel like the deathcross might not be as bad as you would expect seeing the context of bitcoin
and how the prices of bitcoin
have established in the last months. Usually, a death cross would be a confirmation of a long-term downtrend. Actually, it is a confirmation that comes quite late - the downtrend already has occurred before you see a deathcross. Still it can move down more... However, we experienced a super hype in the media in december, so this might have affected the moving averages in such a way that it looks worse than it actually is. Furthermore, as you can see on the two-day chart, a death cross is basically non-existent and the 200 EMA
is still holding it as support. I would be worried though if it severely breaks underneath it. Either way, it can still grow in various directions. If the double bottom
would complete, it does fall within a classical textbook of a nice bullish double bottom
. Thanks Bulkowski.
Disclaimer: I am a beginner and this is not investment advice. Feedback is welcome.
Note: I picked 2-day instead of 1-day in an attempt to reduce noise caused by the hype.