Comparison between previous and current bear market using the Weekly RSI.
*In the previous bear market, the weekly rsi 42-43 zone was a strong support that was hard to break and the price was struggling to close below $400.
* 42-43 zone finally breaks down to 30 taking the btc price down with to $275.
* Weekly RSI bounces and tests 42-43 now as resistance and fails to break, crashing the price down to $166 and weekly RSI to 28.
* Current bear market had similar support at 42-43 zone but it finally did crash down to 29 while taking the price down to $3200.
* Weekly RSI bounced back up and currently hovering at mid 41 while it did touch the 42-43 zone it failed to close in it, btc price also jumps.
* Should history repeat again, then the weekly RSI should retest the lows of 30 and btc price should drop to a new lower low.
* In the previous bear market the price difference between the first low of $275 and second and final low of 166 was roughly 39.5%
* In current bear market that would mean the bottom is at the price of $1950, calculating from the current low of $3200.
Goodluck everyone, comments/constructive criticism is welcome.
Thank you.
*In the previous bear market, the weekly rsi 42-43 zone was a strong support that was hard to break and the price was struggling to close below $400.
* 42-43 zone finally breaks down to 30 taking the btc price down with to $275.
* Weekly RSI bounces and tests 42-43 now as resistance and fails to break, crashing the price down to $166 and weekly RSI to 28.
* Current bear market had similar support at 42-43 zone but it finally did crash down to 29 while taking the price down to $3200.
* Weekly RSI bounced back up and currently hovering at mid 41 while it did touch the 42-43 zone it failed to close in it, btc price also jumps.
* Should history repeat again, then the weekly RSI should retest the lows of 30 and btc price should drop to a new lower low.
* In the previous bear market the price difference between the first low of $275 and second and final low of 166 was roughly 39.5%
* In current bear market that would mean the bottom is at the price of $1950, calculating from the current low of $3200.
Goodluck everyone, comments/constructive criticism is welcome.
Thank you.