Did Bitcoin Really Find Its Bottom? Technical Analysis

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When should we expect a new Bitcoin bull run? Will Bitcoin go below $6,000 before the next run or has BTC really hit bottom? Mark will take you through the charts and also look at the S&P500 that took the steam out of crypto.

Mark is an active trader and shares his technical analysis of the charts. He is not a professional advisor but shares his knowledge so that you can have a foundation to do your own research and make informed decisions on your investments. Always do your own research and never invest more than you can afford to lose.
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Did Bitcoin Really Find Its Bottom? Technical Analysis

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  1. Good TA says btc has 70% chance for a big break down. I am not a gambler, and go with the percentages. Still a 30% chance to break to the upside, but too much resistance to go up very high. Go to usd, and wait for the big drop, and then go shopping!

  2. Btc has never correlated with s&p. If so, we would have been in bull trend, last 9 months. One drop at same time s&p drop, does not equal a trend.

  3. So in short. No. It will continue to drop. Goldman Sachs is in the game now. It’s been nice gents

  4. I agree Goldman does not like to lose. they have been buying ever since they were bashing it trying to get the price down.

  5. Hit the thumbs up! Classic fundamental charting with a finger on the pulse of this market! Yes, fundamentals go out the window in these low volume scenarios but it is fundamental to know that. The best charting video on bitcoin ever!!!

  6. This is gonna be a huge transfer of wealth. We will crush this market like absolute savages and send Goldman the schmucktard packing with empty Sachs!

  7. Any price rally from the current triangle is not a valid bullrun. We still have to break down the lowest low $5738.77 first and establish a solid floor and a true bullrun begins

  8. 6k has been support for almost a year. Can you imagine the amount of stops just marinating under 6k? Lol there’s gonna be a long squeeze.

  9. BTCs fundametals don’t need to change, Bakkt could just choose a crypto that is performing, like BCH or DASH.

  10. I’ll probably end up selling and taking minimal losses before it breakouts the support. The volume is not helping either. Its pretty low. I’ll wait a couple days until we get a bit closer to the end of the triangle and make judgements then. If it reaches the tip then I’ll keep monitoring my holds. Goodluck everyone.

  11. Bitcoin found a bottom, underneath that 6k support line are all the miners who hold the majority of bitcoin, they have invested on average 6k per btc, they are the last majority, so i dont see them trying to sell for below that price or to buy back in lower because… they own the majority.

  12. +Rosco Jenkins I had an appointment with Dr. Bitcoin and he wrote me a prescription for some volatility.

  13. Rhino I didn’t say that there was a correlation. I said whaletank found a correlation between the 2008 S&P crash and the market change right now. My comment was completely separate from that. My comment was if Bitcoin gets enough trust from institutional money THEN there could be a potential correlation in the future. Like Gold has had.

  14. I have it going to 2-3,000. I made the vid 5-6 months ago. There are institutions with nice levels there

  15. So you’re saying that the institutions were buying last year as the market was on a parabolic rise? I’d love to see where that data is coming from. I’m not being sarcastic…I really would! Can you share?

  16. If you’re saying that we need to have a final shakeout before a bull run, we don’t necessarily. A spring can come from a final test or not. The scary thing would be going to $5,738 and triggering a bunch of long liquidations, causing FUD and dropping the price down to the low $5’s or below. Then we would have a long way to go for another run. I would rather see higher lows above our current trading range and then a higher high above $7,300. This would be a break outside the triangle and pretty much confirm a reversal in trend.

  17. Mark Vidano sure my friend! I’m a currency trader so I followed bitcoin as it rose up and up. Originally, I thought it would stop at $16,000 but it hit 20. This is how I was taught to trade at an academy. There was so much money going one way and that made it easy to short/sell it. Blockchain is amazing don’t get me wrong. I just know they won’t let the little guys win, like us. I’ve made videos where you can see how I trade and why plus all the bitcoin analysis when it was over $10,000

  18. Good plan Leroy. I’m with you. I have my money on the sidelines (TUSD not USDT! lol) until there is confirmation on direction. Really no reason to be in a trade right now, just because I’m bored.

  19. But hey, theoretically a descending triangle is a bearish pattern, yes. I get it. But what many textbook-analysts don’t get is that it has always been a bullish pattern historically for BTC – from all the way back in 2010 to (hopefully?) today. I have no idea why this is, but I suspect it is because it’s a new and emerging market and thus does not follow the same “rules” as traditional markets.

  20. HYBRID: For the last time… goodness. Mining follows price, NEVER the reverse.
    Also, what makes you think that 50%+ of btc is held by miners?

  21. +Mark Vidano in my opinion Bitcoin can rally above $5738 to even $10k but it is ideal for the price to go back down & break the lowest low $5738. The 2013 high is still a gap, to me a solid floor should establish below $5738(target 78.6-88.6% retracement fibo ratio)

  22. I’ve looked at those fib numbers as well and discussed in prior videos. So I don’t disagree with you at all. The only question mark that I have is that we are currently trading at the same price point as last year, which gives a pretty solid equilibrium. As we break down today, if we can maintain the support on the lower trendline, then the lower trading range will come into play and continue the accumulation, creating another higher low and so a spring wouldn’t have to go down to the $5,700 area to get us going back up. I’m enjoying the discussion!

  23. a breakout from a big triangle is imminent so we’ll just wait and see how it plays, i’m a long term bullish and it’s nice if it drops and break the lowest low first to accumulate more, one thing i’ve spotted there is a bullish divergence on a weekly ADX, try to check it in your weekly chart, so there is a possibility that it will rally first.

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