BTC 2014 vs 2018: Similar Key RSI Points & Bottom Establishment?
After the 2013 bull run and during the 2014~2015 bear market a few things happened:
1. The RSI became first overbought for the first time since the last bull run ended (The Last Hurrah).
2. The RSI then became oversold caused by capitulation.
3. A bottom was established.
4. That bottom was tested three times (not saying 3 is the magic number).
5. During the bottom testing period, which took approx. 10 months, a strong bottom was formed which a 2.5 year bull run was built upon.
In our current Bitcoin chart you can see:
1. The RSI became first overbought for the first time since the last bull run ended (The Last Hurrah).
2. Can we expect capitulation and then start to test a new bottom in the next few months? I feel so.
I will attach the labelled 2018 chart for comparison very shortly.
I am an amateur who has only been on the scene a year so this is just my novice opinion.
Please feel free to leave comments or discussion points.
Thank you.
1. The RSI became first overbought for the first time since the last bull run ended (The Last Hurrah).
2. The RSI then became oversold caused by capitulation.
3. A bottom was established.
4. That bottom was tested three times (not saying 3 is the magic number).
5. During the bottom testing period, which took approx. 10 months, a strong bottom was formed which a 2.5 year bull run was built upon.
In our current Bitcoin chart you can see:
1. The RSI became first overbought for the first time since the last bull run ended (The Last Hurrah).
2. Can we expect capitulation and then start to test a new bottom in the next few months? I feel so.
I will attach the labelled 2018 chart for comparison very shortly.
I am an amateur who has only been on the scene a year so this is just my novice opinion.
Please feel free to leave comments or discussion points.
Thank you.
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