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Do you think that Bitcoin will go much deeper? Or has the bottom already been reached, and now the prices are rising again with the Mars as a destination? So where did the huge sales come from?

<h1>The Price of Bitcoin has probably found its bottom</h1>

Critics of Bitcoin like scaring with filling up the so called hype-curve, according to which the Bitcoin course is now on the descending course and after the so-called “bull trap” the phase “return to normal” comes. After this phase, huge sales should come. But on the other hand, this is how the crypto-worshipers are being scared since 2013... and it turned out quite differently, as everyone knows.

**Bitcoin, after falling down to 6000 USD, probably found the bottom**. From that moment it is only growing – 10750 USD at the time of writing this article. Could it be expected? Perhaps, a little bit, always after a sharp move in one direction, the correction to the other side comes right after that (usually by 61.2%).

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If I look at the last year’s September’s chart, so far, the price development is quite similar, but it is now in much larger scale and it is also much slower. This may be a consequence of more people being involved in trading Bitcoins, and they are much more cautious and buy more slowly after big moves. But it can also be because these two charts cannot be compared to each other.

However, let’s imagine for a moment, that it will be similar, and I have indicated on the chart what further development should be like. The Bitcoin price will gradually reach 11200 USD and will begin to move to the side or it will go a little down. If the volume decreases, then it is the reaching of the red trend line is possible. I have painted two variants here, depending on which scale of axis will be used. This is different now. The dotted line is roughly the course of resistance on the logarithmic axis *(not accurate, in fact it does not go as a straight line but as a hyperbola and, unfortunately, Tradingview cannot display it on one graph)*. It will be pretty much a matter of what chart will be followed by the most powerful traders.

If there is an optimism, the **price could climb up somewhere to 14000 USD**. We’ll see that all in the upcoming days. For now, I consider the target amount to be 38.2% of Fibonacci retracement, which is somewhere near 11200 USD.

<h2>Sentiment in the market</h2>
OKEX futures are still optimistic, 58% of the top traders bet on long. But the volume of positions is 1:1.
On Bitfinex, long/short ratio is at 28:11.

<h4>Recommendation:
I think there will be a stop around 11200 USD. I recommend selling a part at this price level, or buying after exceeding the red trend. Beware of the dual representation of different types of charts.</h4>


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<i>Disclaimer: These articles cannot be considered as an investment advice, and it is still a good idea to make speculation on bitcoin stock exchanges only with funds you can afford to lose. High profit potential is balanced with a significant risk of losing, especially here on the crypto markets.</i>

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<b>Source (in Czech):</b> http://btctip.cz/kurz-bitcoinu-analyza-po-odrazu-pomalu-nahoru/