The bottom turned upside down

I recently posted Was that the bottom?, an idea I have also discussed in the forums. Since then most of my bitcoin posting has been cautiously entertaining that idea further.

Recently I have come accross another perspective which supports this idea in quite a nice way I hadn’t thought of. Credit to ‘lowstrife’ on TradingView website for this idea. https://www.tradingview.com/v/ktWNOrLB/#tc146808

The idea is to turn the chart upside down and look at the bottom as a top. Like this.

This looks like the classic bubble top, is it a bubble bottom ?

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12 thoughts on “The bottom turned upside down

  1. Do you think this current rally will get to the 310-330 resistance area from your blog post “Price Pop in Bitcoin?”

    1. Well bitcoin shot past the resistance on that log chart

      so yes I’d say it looks like rally might head to that region.

      In fact looks lke gold /btc ratio is telling me the rally i predicted (to 312) might still be on afterall 😉

    1. https://www.tradingview.com/x/H6nAr6aN/

      Till now, my plan works pretty good.
      We’re above that orange line and becomes a support for price candles.
      For the Chinku span (CS) that line is still a resistance, but for the next few days, CS free of all constraints.
      Next target is the weekly kijun (is now lower than last week) : about $316.
      Beyond that point I gonna be very bullish.

  2. I’m being a big fan of ichimoku.
    Hindsightly, it’s not very accurate with BTCUSD but it’s quite OK. It works perfectly with GBPUSD, AUDUSD or german index DAX <– very impressive!

  3. Where would we draw the trendlines on this upside down bubble chart? ie where would the support lines be in this upside down bubble?

    1. Hope its not unsatisfactory answer but if that was a bubble top defalting you’d get a long period of price falling. Which upside down is price rising. Good Times!

      Maybe if I find time to explore further I’ll try adding trendlines to that perspective, although on free TradeMe acount I’m limited to number of charts I can save.

      1. I really want to get to 316! That is the price point where I break even on all of the bitcoins I’ve accumulated in this long downtrend going back to last March.

      2. Will be interesting seeing where this rally leads. Will be nice to get past break even point though I’m kind of waiting for a dip as I want to accumulate more before real price rise begins. Its definately bullish at the moment but realistically we still not out of the bigger bear trend yet.

  4. Right, I just want to unload some so I can accumulate more at a lower price. Right now I am 100% in (I cannot buy anymore). That long downtrend line is at around 320-330 so I’m really hoping we make it there before the next leg down begins.

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