Has Bitcoin bottomed? Maybe. The volume off the previous low at 6k was reminiscent of previous bottoms that led to bullish rallies.
I remain a skeptic. Here I have laid out a potential fractal that Bitcoin may be repeating. I call each leg a phase and currently Bitcoin is in phase 3 of its decline. A convincing break above $10,500 would lead me to believe we have bottomed, a rejection may begin confirmation that Bitcoin has one more lower low to make before it bottoms out.
I am posting a chart of the 2014-2015 crash. This crash lasted for a while compared to the current one. However, interestingly that crash happened in 3 phases...
I remain a skeptic. Here I have laid out a potential fractal that Bitcoin may be repeating. I call each leg a phase and currently Bitcoin is in phase 3 of its decline. A convincing break above $10,500 would lead me to believe we have bottomed, a rejection may begin confirmation that Bitcoin has one more lower low to make before it bottoms out.
I am posting a chart of the 2014-2015 crash. This crash lasted for a while compared to the current one. However, interestingly that crash happened in 3 phases...