Bitcoin Could Have Reached The Bottom

It seems that Bitcoin has finally found the bottom after losing 62% from the all-time high. Fibonacci applied to the breakout of the ascending channel shows that price has reached the final downside target at 0% Fibs at $7555 and rejected it cleanly.

In addition, Fibonacci applied to the corrective wave up after breaking the uptrend trendline shows that the very same price level is at 561.8% retracement. Today Bitcoin rejected the lower trendline of the descending channel, not to mention that on a Daily chart price is rejecting the 200 Moving Average.

And finally, price rejected the 2/1 Gann Fann trendline has acted as a support. Therefore, all the facts so far are in favor of the potential uptrend continuation and pointing out to the end of the correction.



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