BitBean VS Bitcoin Hitting The Bottom

Today BitBean has reached the low, hitting 57 satoshis level. There it has rejected the 88.6% Fibonacci retracement level as well as reached the bottom of the descending channel, and rejected it.

The RSI oscilator shows the bullish divergence which could mean that the bottom has been reached and price could start to move upwards. While the support is holding the reversal probability remains extremely high, providing a strong buying opportunity with a very good risk/reward ratio.

BITB/BTC could reached one of the previous resistance levels, that correspond to the extended descending channel upper trendlines. First resistance is seen at 105 satoshis, and second at 158 satoshis. These are only nearest resistance levels and potentially price could go much higher producing a new all-time high.

Daily break and close could invalidate bullish outlook and should be used as an exit signal from the long trade. If/when that happens downtrend should continue, sending the price lower, perhaps down to 20 satoshis area.



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