The above image reflects the weekly chart for BTC that I created on 1/31/18 where I forecast a bottom of $5850 - $5900. The red vertical line was where we were at the time.
You can review that post here @bycoleman/daily-crypto-1-30-18-no-good-news-for-the-btc-usd-chart-bitcoin-headed-to-usd6-000
If you look at this same drawing, with the price updated as of today, you can see we hit the support and bounced (light red line that dropped down to the support line), but the chart still looks VERY bearish.
I use the 3 day buy back in rule. In the stock market I look for 3 consecutive up days (based on closing price) then I buy in if the 4th day is still up. For crypto, I use the 84 hour mark once the bottom is seen.
By doing this, you may miss buying in the at the VERY bottom but you may save yourself an immense amount if the "bottom" is not the bottom.
Most recoveries are very complex and few just go straight back up.
Patience is the most powerful tool in your chest.
Hope this analysis is useful to you. Comments are very welcome.
Disclaimer -- I hold ZERO positions in BTC.
Invest wisely for the future.
I've been trading now for nearly 40 years, but this is just my personal opinion and should not be taken as financial advise!
@bycoleman
https://ColemanAir.us
Craig
