Bitcoin - Channel Surfing
For all the professional traders that are calling for BTC to go to zero - I say, these traders aren't even obeying their own technical analysis tools, which are supposed to predict future trading patterns based on human behavior. If one uses these tools, we can clearly see that BTC has been trading in a channel ever since the beginning of 2017, and, but for the anomaly of November 20, 2017 to January 15, 2018, BTC is still trading in the channel, and bounced off of the bottom portion of the channel nicely before reaching upwards (note this is a logarithmic chart).
As for specific price action, looking at the Fib retracements, BTC bounced off of its 0.78 Fib level and passed through the 0.61 level, and is trying to reach the 0.5 Fib line, which would be around $11,500. It wouldn't be a stretch for BTC to reach this level before falling again, but not below the bottom of the channel.
As for specific price action, looking at the Fib retracements, BTC bounced off of its 0.78 Fib level and passed through the 0.61 level, and is trying to reach the 0.5 Fib line, which would be around $11,500. It wouldn't be a stretch for BTC to reach this level before falling again, but not below the bottom of the channel.
Note
Update: BTC reached 0.5 Fib line and bounced off of it exactly as expected.Note
BTC bounced off 0.5 Fib line again, but is still trading within the channel.Note
Bitcoin hit bottom of channel and bounced off it.
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