In this episode of Ledger Cast, Josh (@carpenoctom) and Brian (@ledgerstatus) talk about the current state of the bitcoin market, including the recent correction, and where we think it's going from here.
Welcome to Ledger Cast, hosted by me, Brian Krogsgard (@ledgerstatus on twitter), and Josh Olszewicz (@carpenoctom). Ledger Cast is a cryptocurrency trading and blockchain ecosystem podcast.
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In this episode of Ledger Cast, Josh and I talk about the current state of the bitcoin market, including the recent correction, and where we think it's going from here. We also discuss news of the week that helped spur the largest part of the dump, and other stuff we are considering during this time.
Both Josh and I believe that the bitcoin market has found a relative bottom in the low $9,000s. Based on historical corrections, it has been along the same percentage, a little over 50%, as past corrections that ranged from 30% to 60% while maintaining the bull market.
Also, the 141 day moving average -- which Josh found arbitrarily on the bitcoin growth curve, was touched similarly to past corrections.
And you can also see how price has been using the 50/100/200 moving averages for support and resistance.
And the overview the market using the Ichimoku Cloud system with doubled settings, including an intraday edge-to-edge move, and break below the cloud.
That has led into a long legged doji candle that is a potential sign of reversal.
In the low timeframes, you can further see a steep correction that's leading into a possible Adam & Eve doubled bottom, or may not leave the horizontal channel -- it's hard to tell yet. I've combined this with Fibonacci retracement levels to show possible areas of support and resistance.
We discuss the bitcoin price action in addition to several other things.
Music: "Oh, the chains" by Joel Madison Blount