Who noticed this one tiny thing on Bitcoin’s price chart: the rounded bottom in March/April of 2018? It is a small but extremely powerful signal, and it suggests that Bitcoin (BTC) is back in a bull market in 2018!
Many try to make cryptocurrency investing decisions very complicated, yes overcomplicated and noisy. Some refer to news articles, others look at what happens in China or Japan or whatever other place in the world, others look at what central banks are saying about crypto. One small comment about all this: it’s noise for investors.
If you would have read news items in the last 2 weeks, you would certainly not feel much better about cryptocurrencies: CNBC wrote last week Bear market in cryptocurrencies may mean more focus on blockchain, SeekingAlpha analyzed Bitcoin’s bear market, Coindesk said to wait until Bitcoin crosses $8500 before the bear market ends.
InvestingHaven looks at markets, in particular crypto and blockchain, in a totally different way. How exactly? Read this: Cryptocurrencies in 2018: Long Term Bull Market Still Intact, Cryptocurrencies: a Sea Of Red or a World of Opportunities in 2018 and Why The Price Of Bitcoin Could Go To 50,000 USD.
Bitcoin’s bull market in 2018
The only thing that matters is what buyers and sellers are doing. The compass to find out what’s really happening is the price chart. And formations of price charts suggest the real dynamics in a market.
If we look at the Bitcoin chart, courtesy of GoldChartRUs, the one that everyone found so scary until today included, there is an amazingly strong pattern which we noticed 4 weeks ago when it started to unfold: a rounded bottom. This type of formation suggests selling has exhausted.
Note how the recent rounded bottom is so different compared to all other bottoms since the January 2018 top. Also, the opposite is true: the rounded tops are very bad news: December last year and March 2018.
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