Is BTC repeating 2018 all over again? Weekly MA's/RSI suggest so
Taking a look at the weekly chart on Bitcoin, We can see several similarities between the current price action and the price action of 2018.
2017/2018:
-Negative slope on the 20 week MA in Pink.
-Based on the 100 week EMA in Tan before eventually breaking it as support which lead to a capitulation drop from 6k into the low 3k region.
-Series of lower-high's on a weekly basis.
-Weekly RSI lost the bullish zone and fell into the transition zone before eventually breaking down below the transition zone into the bearish zone.
-Declining volume.
-Generally bullish sentiment: "6k the unbreakable support", "it's a falling wedge", "it's a falling channel", etc.
-Based on 200 week MA.
2019/2020:
-Negative slope on the 20 week MA in Pink.
-Basing on the 100 week EMA in Tan.
-Series of lower-high's on a weekly basis.
-Weekly RSI lost the bullish zone and has now fallen into the transition zone.
-Declining volume.
-Generally bullish sentiment at the moment.
Question now becomes: Does it follow the 2018 structure and break down below the 100 week EMA in Tan and base on the 200 week MA once more? I do think there is a very strong case to be made for that occurring. Let me know your thoughts in the comment section down below!
Credit to Jacob Canfield (My good friend and mentor) for weekly BTC RSI bull/transition/bear zones as well as other trading inputs for my analysis! Check out his analysis here:
2017/2018:
-Negative slope on the 20 week MA in Pink.
-Based on the 100 week EMA in Tan before eventually breaking it as support which lead to a capitulation drop from 6k into the low 3k region.
-Series of lower-high's on a weekly basis.
-Weekly RSI lost the bullish zone and fell into the transition zone before eventually breaking down below the transition zone into the bearish zone.
-Declining volume.
-Generally bullish sentiment: "6k the unbreakable support", "it's a falling wedge", "it's a falling channel", etc.
-Based on 200 week MA.
2019/2020:
-Negative slope on the 20 week MA in Pink.
-Basing on the 100 week EMA in Tan.
-Series of lower-high's on a weekly basis.
-Weekly RSI lost the bullish zone and has now fallen into the transition zone.
-Declining volume.
-Generally bullish sentiment at the moment.
Question now becomes: Does it follow the 2018 structure and break down below the 100 week EMA in Tan and base on the 200 week MA once more? I do think there is a very strong case to be made for that occurring. Let me know your thoughts in the comment section down below!
Credit to Jacob Canfield (My good friend and mentor) for weekly BTC RSI bull/transition/bear zones as well as other trading inputs for my analysis! Check out his analysis here:
