@rlocsin1286, its difficult to apply trading theories to the cryptocurrency market because they were originally developed in response to stocks and fiat currency markets. I know that people who believe in technical analysis will look at weeks or even month periods to spot a double bottom. The thing with cryptocurrency is that its hyperactive. Things we see in the stock market that take months can happen within days in the crypto market. The last three time periods in that graph make me think is bottoming out now... if you look at the hourly I think the price is hitting a lot of resistance around 1k mark. If it breaks that then expect us to see 880 price. If not then we should start climbing up again.... another thing to note is that a double bottom tends to be more accurate when the second bottom is slightly higher than the first.
LikeATr3B
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@brenguyrulez, I could not agree more.... That's why anyone who is a "crypto analyst" or predicting is looking like an idiot... Crypto does NOT DO what traditional markets do. I truly am of the belief that we cannot predict this stuff minus MSM news.
brenguyrulez
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@LikeATr3B, Agreed but I have found that certain tools do work - sometimes. For example I used the fibonacci retracement levels to set buy orders on where I think the price would bounce off.