2015 $BTC technicals suggest #Bitcoin bear market bottom is in
In the related Idea linked below, I correctly predicted the short term rebound in BTCUSD and stated the following:
"The weekly Stochastic RSI, 200-week moving average, high leveraged shorts, horizontal support, and weekly Bollinger Band all indicate that we are coming up on a tradable bottom (at least.)
Having adjusted the Bollinger Band to identify secular periods of euphoria and desperation in the Cryptoshere, it is clear that we are in a rare time of desperation for Bitcoin aficionados. It is in a time like this that the bottom of the 2014 bear market ended. In hindsight, it was the best time to buy BTC before the last bull run.
I believe that in the next week we will see a very tradable bottom and a significant rebound in prices. It is likely that the low of the coming days will also mark the bottom of the 2018 Crypto Bear Market."
Looking at the same chart once again other similarities suggest that the bottom is in and we may see an end to the bear market by August of 2019.
This year may play out very similarly to 2015. If this does, in fact, turn out to be the case I expect to see BTCUSD back above $9000 by Christmas.
In the second more recent idea linked below, I note that there was an interesting reset of the RSI not seen since the move from $6100 up to $8400 (up 38%.) Due to this and other similarities 2015 and 2019 in this chart, I expect that in the next few days we will likely see BTCUSD rise to between $3950 and $4150.
"The weekly Stochastic RSI, 200-week moving average, high leveraged shorts, horizontal support, and weekly Bollinger Band all indicate that we are coming up on a tradable bottom (at least.)
Having adjusted the Bollinger Band to identify secular periods of euphoria and desperation in the Cryptoshere, it is clear that we are in a rare time of desperation for Bitcoin aficionados. It is in a time like this that the bottom of the 2014 bear market ended. In hindsight, it was the best time to buy BTC before the last bull run.
I believe that in the next week we will see a very tradable bottom and a significant rebound in prices. It is likely that the low of the coming days will also mark the bottom of the 2018 Crypto Bear Market."
Looking at the same chart once again other similarities suggest that the bottom is in and we may see an end to the bear market by August of 2019.
This year may play out very similarly to 2015. If this does, in fact, turn out to be the case I expect to see BTCUSD back above $9000 by Christmas.
In the second more recent idea linked below, I note that there was an interesting reset of the RSI not seen since the move from $6100 up to $8400 (up 38%.) Due to this and other similarities 2015 and 2019 in this chart, I expect that in the next few days we will likely see BTCUSD rise to between $3950 and $4150.
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