A selection of indicators are now signalling a bottom for bitcoin. The bottom is either in already at $17,500, or it will touch bottom this week. These are the views of veteran trader and educator Steve from Crypto Crew University.
He correctly called a cycle top when bitcoin was around $69,000, and has constantly said on his YouTube channel that bitcoin would keep going down. Now, Steve, a veteran of the stock market, has said for the first time that indicators are telling him that the bottom is in, or it is very close.
Pi Cycle Bottom
According to Steve, we are about to have a Pi Cycle cross, and the only times previously when this has happened was in 2015, and 2018, and both called the exact bottom for both bear markets.
The Pi Cycle Bottom indicator is about to cross anytime now. The trader pairs up this indicator with another called the MZ Bitcoin Oscillator. This prints a green bar at the bitcoin bottom, and has done so for each of the lows throughout bitcoin history.
100 and 200 MA on weekly timeframe
When the 100 moving average has crossed the 200 moving average, it has called a market bottom each time. The cross happened last month when bitcoin fell to $17.5k.
Golden Zone and Monthly RSI
When bitcoin is in the Golden Zone Steve says that it is the buying opportunity of a lifetime. He puts this zone together with the monthly RSI and states that the previous 2 market bottoms were when bitcoin was in a golden zone, and when the monthly RSI had hit the bottom line.
2-Day Combination
One more indicator Steve uses is a combination of the 200 MA, the RSI, and the Stochastic RSI, all on the 2 day time frame. When all 3 fire on the same candle at the same time, it has always signalled a bottom every time since 2011.
Even though our veteran trader is an expert of many years, the markets are still the markets, and he would agree that no one can pick the tops or bottoms of the markets.
Also, for every indicator that signals a bullish move, one can always be found that may signal a move in the opposite direction. Steve says that he doesn’t deal in exact science, but in probabilities.
It could probably be said that all those wishing to trade the cryptocurrency markets need to know what they are doing and to have many years of experience under their belts. Failing that, leave it to the professionals.
Be safe and trade well.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
