A Simple Indication That Bitcoin Has Bottomed! (BLX)
I am The Seer of The Future, The Master of Charts, A Legend of Crypto, and The Deliverer of Prosperity! In this analysis, I will give you all the gift of simplicity! Rid your eyes of complication, and you will see the answers right in front of you. Let the analysis begin!!!
Looking at the Bitcoin monthly log chart, I want to draw your attention to a very simple indicator that is showing us that the bottom is most likely in. I would like to draw your attention to the MACD. On it, you can see the bars that oscillate up and down. That is called the histogram. When the histogram is moving up, on my chart, it is dark gray. When it is moving down, it is light grey.
You can see clearly that here on the monthly chart, the histogram moves up constantly through the bull market until it reaches a peak. Then, it moves down constantly in the bear market, with no up movement, until it reaches a bottom.
Starting from the peak of the 2014 bull market, we can see that the histogram produced a monthly reversal (left red vertical trendline.) That was very close to the top of the bull market, and a good indication that the top was in. From there, a bear market ensued and the histogram declined until just after the exact bottom on the monthly chart (left green vertical trendline.) Then, the histogram began to trend higher, eventually turning positive and maxing out at the exact peak of the 2017 bull market (right red vertical trendline.) Now, we can see that the monthly histogram has flipped positive again. Assuming that it stays positive, and that the month doesn't close lower, it would be a clear reversal point in the histogram, and another indication that the bottom is in.
So, this is a very simple indicator. Nevertheless, it is historically powerful for determining tops and bottoms in bull and bear markets. Right now, it is showing us that the bear market has come to an end. Technically, we need to monitor how the month closes to know for sure, but all indications currently show that the bear market has ended.
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I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
Looking at the Bitcoin monthly log chart, I want to draw your attention to a very simple indicator that is showing us that the bottom is most likely in. I would like to draw your attention to the MACD. On it, you can see the bars that oscillate up and down. That is called the histogram. When the histogram is moving up, on my chart, it is dark gray. When it is moving down, it is light grey.
You can see clearly that here on the monthly chart, the histogram moves up constantly through the bull market until it reaches a peak. Then, it moves down constantly in the bear market, with no up movement, until it reaches a bottom.
Starting from the peak of the 2014 bull market, we can see that the histogram produced a monthly reversal (left red vertical trendline.) That was very close to the top of the bull market, and a good indication that the top was in. From there, a bear market ensued and the histogram declined until just after the exact bottom on the monthly chart (left green vertical trendline.) Then, the histogram began to trend higher, eventually turning positive and maxing out at the exact peak of the 2017 bull market (right red vertical trendline.) Now, we can see that the monthly histogram has flipped positive again. Assuming that it stays positive, and that the month doesn't close lower, it would be a clear reversal point in the histogram, and another indication that the bottom is in.
So, this is a very simple indicator. Nevertheless, it is historically powerful for determining tops and bottoms in bull and bear markets. Right now, it is showing us that the bear market has come to an end. Technically, we need to monitor how the month closes to know for sure, but all indications currently show that the bear market has ended.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
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