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BULLISH ENGULFING Candle Shows Up on Bitcoin MYSTERY if THE BOTTOM of Ripple XRP is IN

BULLISH ENGULFING Candle Shows Up on Bitcoin MYSTERY if THE BOTTOM of Ripple XRP is IN

BULLISH ENGULFING Candle Shows Up on Bitcoin MYSTERY if THE BOTTOM of Ripple XRP is IN bitcoin is almost retraced to the 72.2 the volume profile shows that this is a strong region weve got a bullish divergence on the RSI and were seeing a lot of green in the market so what do you think is this the bottom hey whats going on everybody this is the blockchain backer bringing you the latest cryptocurrency news and analysis and today over on my Twitter I have been getting hit with questions about whether or not I think the bottom is already in yesterday I posted a couple of things and today we took a look at it to say hey look heres the volume profile look how close we are to the 70 point two percent retrace level and were starting to show signs that there is a bullish divergence on the RSI so lets head over to the Bitcoin chart and take a look look at this thing here is seventy point two percent on the fibonacci retracement as Ive talked about on several of my articles and in the Fibonacci tutorial article that I posted yesterday you have to create a 70 point its not already included in the fibonacci retracement you just manually click on here and add it yourself so look at this we have come down weve just about hit it we also have this insane volume profile that shows up right there because of our support that we had back in 2018 which we broke through so if you look at that that is pretty remarkable that were bouncing right there so weve got a lot of people asking me hey is this the bottom heres the answer I dont know well you know I mean heres why I dont know first of all this is not impressing me yet this is the volume coming off of this move it doesnt have me impressed yet but if also if you have watched my candlesticks tutorial article I talked about bullish bullish engulfing candles well hey that is absolutely a bullish engulfing candle it has totally swallowed it and wow look at it go we are flying right now we are wow this is awesome its happening while Im recording so I dont know if its the bottom but boy it sure is quite impressive you know Ive always said that we need to come down to the 70 point but the volume profile has always been interesting so well see it still could turn over on itself come down and DoubleTap that I dont know but so far its looking pretty good and you know when we look like xrp weve been waiting for XRP to get down to around the 15 point 5 cent range and I have had by orders sprinkled all the way through out here and Ive stated that from the beginning Ive been a buyer at 27 percent or 27 cents 23 cents 20 cents 18 cents and Ill continue buying at 17 16 and 15 so Ive been holding throughout it all and a lot of my buyers by orders have gotten triggered in here there are several that are still below that have not been hit yet and I will still just leave them there Im not going to start chasing and say I have 100 assurance that thats the bottom so Im just gonna buy it no Im still going to wait and see what happens and let those other buy orders potentially get filled later so right now lets take a look hey we got to see just something already we got a little bit of a rejection there but hey this is shortterm timeframes lets take a look at what we do have right so right down here weve got a bullish divergence and when we go back to the daily timeframe and what in a couple of my previous articles I stated that the thing that we were looking for right here was that we would come down and make a new low hit this 70 point two percent retrace and bounce up and go well we were up here on the RSI we were hoping to get back into oversold territory break out and get ourselves a higher low on the RSI while getting a lower low in the price and this creates a bullish divergence so what does that tell us it tells us that there is actually meaning to this spot it means that the sellers are running out of steam the Bears are getting tired and the selling pressure is going down so bowls are starting to put up a fight right here guys so keep an eye on this and out of just transparency Ive got it you know just let you know if we get through here theres a wideopen gap here all the way down to you know into the 3000th so we do want to see this area hold do I think it will hold I do think it will hold but if it doesnt hold you need to be aware that this big wideopen gap exists but if I didnt tell you that and I didnt warn you that then who would I be right Ive gotta at least show it to you but you could see right here weve got the monstrous volume right here this is a line created by tradingview I am NOT creating this red line this is them making it with this volume profile on the visible range so its showing that that is the strongest volume and look at how it balances off of that exactly so well see I still think its totally possible that this thing rolls over hits here and then goes but guys I have no way of knowing that so I just you know weve got it just say thats pretty darn close to right there right this is where weve said the bottom is at 63 30 we got 264 20 thats pretty close and that might be enough I I dont know looking at XRP is this is this the bottom I dont know I all I could say is X or P is nineteen point five cents nineteen point five cents Im Ive been buying and Im not gonna stop if it goes down there or there whatever Im buying Im a buyer here so guys thats really all Ive got to say here I mean we can take a look at the altcoins and let me build a case right so lets say this by the time I post this article that you know were now up here you know okay wow that would be amazing but lets build a case for why it would potentially need to come down here again so lets clear this out and we go down to the four hour time frame so we can see that on the RSI on the four hour time frame we do have a breakout right but we did not get any type of bullish divergence on the four hour time frame normally I dont talk about these smaller time frames but I think its important when were right here near this bottom that weve been talking about for three weeks so what would happen we would come down we would come down wed create this bullish divergence on the RSI right there and then we have a lower price with a higher relative strength on a smaller time frame as well so not only would we have this on the small time frames we would have it on the larger time frames right here so I think there is a case that this thing actually does roll over on itself and come down and hit about 60 330 also when we look at some of the alt coins wow we are seeing green on the board but is this really how much green you expected do you expect that this market bottoms and we only get you know 6 to 8 bounces I dont from my experience in 2017 when Bitcoin finds its bottom these things fire up 20 30 40 fast so thats kind of what Im looking for lets organize this and show you why I think there still is a little more to go in like for example on card on Oh let me get rid of the volume profile and this is encrypt occurrences you there are treated 24 hours a day so you dont have the gaps like you do in the stock market because the stock markets only open for you know 7 8 hours a day so the price is there theres always going to be a bar but I always consider it to be a gap when there is a line just like that when it never came down to back test it so right here this is a gap in you know in the blockchain backers book this is a gap that needs to be closed and as you can see we got very close to closing it but we did not close the gap and I think that we still have to get down to about point 0 to 9 5 in order to close that gap potentially even lower so I dont think this gap is closed which makes me think that the bottom might not be in yet also with litecoin also with litecoin when we look at this one I had an alert set here for 35 75 it did not get triggered and that was going to be a signal to me that the old coins are getting very close to a bottom we still have this gap right here I dont think its closed yet its what Im looking to get closed but you never really know right I mean it could just go without having to close that at all well have to see but thats my reasoning on why with the altcoins I dont have a hundred percent certainty that the bottoms already in but like Ive always mentioned in here is that I am NOT timing a bottom by I am actually accumulating it so Im you know the last time I updated yet I said it was ninetyeight percent in the market now Im 99 percent more than ninety nine there is so little money sitting on the sidelines we are super entered in and were waiting to see what happens next and things are looking pretty positive so well see so thats gonna wrap it up for today guys thank you so much for watching lets get this XRP back on here and lets actually this get Bitcoin on there here we go look at this bullish engulfing candle starting to form so alright guys thats going to wrap it up please like this article and subscribe to my channel as always this is not investment advice and I am NOT a financial adviser but if you ever need a pickmeup or a little bit of reassurance just remember that the blockchain backers got your back have a good one

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