Updated BLX possible Bitcoin bottom indications

As mentioned previously, the last two bear market lows are the only time that the weekly RSI has closed in oversold. The RSI and Stoch RSI structures at that point, and leading out, are the same. And this all appears to align with the most recent breakdown into oversold just a couple of months back, in June. We can also note a pullback after RSI rallied out of oversold in the previous occurrences. This would be the likely stage we are in if the chart continues to follow those previous bear markets. The orange line is the weekly 200 MA. The green line is the weekly 50 MA and the blue line is the weekly 100 MA. The 50 has crossed below the 100 in the previous two bear markets AFTER price has bottomed. We appear to be a week away from that same cross right now which means that IF the chart continues to follow the previous two bear markets, then we shouldn't see a low below the June 2022 swing low. Finally, we can note that the hash ribbons indicator at the bottom of the screen has flashed the recovery lime green bubble after flashing the grey capitulation bubble.

So, while past results don't guarantee the same in the future, there are a lot of similarities in the same areas. We will see if they play out the same way this time or not.

Comment:

I wanted to make sure that I pointed out that the weekly 50 MA crossed below the weekly 100 MA after price bottomed (RSI closed in oversold) and then price bounced up. Price is currently pulling back after that bounce and the two MAs appear to be ready to cross this week. So, again, we will see if price action continues to play out as it has done in the previous two bear markets.