I'm calling it folks - the bottom is in and I'll gladly eat my hat if it's not!
On that note, I was far too early with the last call - picking bottoms is not just a mug's game - it's a dangerous game, especially when you're playing with margin! On the other hand, I was far from certain the other day and sized my longs accordingly - if you are going to pick a bottom, at least leave yourself some wiggle room - still holding my long from 8600, safe and sound!
So why am I confident enough now to put some more reputation on the line and speak with certainty? Well we had a solid reversal candle yesterday on MASSIVE volume - 193 000 coins changed hands at Bitfinex alone. We haven't seen volume in BTC terms like this since November 2015:
Bears pushed the pair to new 2 month lows on Tuesday, but were firmly rejected, with bulls taking charge and pushing out a Bullish Hammer/Piercing Line reversal candle from key support:
Initial resistance is the 61.8 Fib at 7800, with a break above there opening up the path to 50% of the historical range around 10K. Support is the 6150-6545 key support confluence zone; marked by yesterday's low, the rising trend-line from before the ol' girl went parabolic and the November swing low.
Below there and we are in for a world of pain - I will not be able to paint a bullish picture if 6150 goes. We could find support at the 78.6, but the pre-parabolic trend would be broken - no two ways about it.