Bitcoin – my favorite bottom formation!

11.05.2022 4:52 pm

Hello, everyone!

As I told yesterday I started to accumulate the Bitcoin from the price around $31k. I bought it for 10% of deposit and with the rest part trade altcoins. Of course the bear market will continue but the first features of potential bounce appeared even on the 4h timeframe.

Let’s take a look at the BTCUSDT chart of the WhiteBit exchange. I love this bottom formation, when we see the parabolic fall and at the terminal stage of the parabola the BTC is forming the last leg down with the bullish divergence with the MACD. We should wait for the first increasing column on the MACD histogram to confirm the long signal. The potential reversal level is the Fibonacci zone 27 ($27000) but divergence can be confirmed earlier, eyes on it! The price can grow to the Fibonacci golden pocket ($35000). Now we accumulated almost full position with the altcoins to take this potential bounce as a trading part. The investment part of deposit is just 10% in Bitcoin.

I know most of you are scary because the market is dumping. I anticipated this dump on the $48k that’s why I started significantly accumulate positions only when the Bitcoin price broke the $36000. Please, don’t panic, because the market is in the maximal fear, so there is a high probability of the bounce.

P.S. While I am writing this analysis the market is bouncing! The bounce targets are actual.

Good luck!

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