We can see that the market structure is very similar to the 2014 bear market, but it definitely has its differences. I believe that, over the past several weeks, BTC has rallied much quicker than expected due to the hype on Twitter/News and FOMO buying, as it is talked about much more than it was before 2017.
However, it is impossible not to see the similarities in structure. A high 30% decline would put us testing the 5100 support. I believe it is likely that we come to this, as BTC has moved upwards at an alarming rate. Further, the weekly Stoch RSI has been riding at 100 since mid-February and is about to break its record for most days spent consecutively above 90 on the weekly.
Hard to see anything other than a massive dumb coming within the next 14-35 days.
However, it is impossible not to see the similarities in structure. A high 30% decline would put us testing the 5100 support. I believe it is likely that we come to this, as BTC has moved upwards at an alarming rate. Further, the weekly Stoch RSI has been riding at 100 since mid-February and is about to break its record for most days spent consecutively above 90 on the weekly.
Hard to see anything other than a massive dumb coming within the next 14-35 days.
Comment:
It has begun