The past few Weeks were pretty hard and boring for Bitcoin. It's far from funny to watch the Charts at this current moment. I KNOW!
Still, I think there are some things to consider and look out for. Foremost, Bitcoin still is heavy correlated to the traditional Markets, like it was observable yesterday (DJI, SPX, NDX). The Markets are driven by Fear, you can't expect rational decision-making right now, but hey that's how it goes, right?
What I actually wanted to have a look at, was a Fractal from Mid-2021. Bitcoin is in a similar scenario right now. Definitely, history does not always repeat, but it rhymes (pretty sure you head that a lot).
Analysis Mid 2021 to now
Compared to the current situation, it is indeed somehow similar. Price would still need to decline a bit. Sadly, the RSI does not match at all.
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This Analysis is not intended to be investment advice. Always DYOR.
Still, I think there are some things to consider and look out for. Foremost, Bitcoin still is heavy correlated to the traditional Markets, like it was observable yesterday (DJI, SPX, NDX). The Markets are driven by Fear, you can't expect rational decision-making right now, but hey that's how it goes, right?
What I actually wanted to have a look at, was a Fractal from Mid-2021. Bitcoin is in a similar scenario right now. Definitely, history does not always repeat, but it rhymes (pretty sure you head that a lot).
Analysis Mid 2021 to now
- Drop after a Weak "Death Cross" (don't get fooled by this - look here)
- Price slowing decline over the course of 30-40 days
- RSI went deep to 22.24 and started to reverse slowly
- MACD Moving Averages slowly started to reverse, leaving us with some nice "Waves"
Compared to the current situation, it is indeed somehow similar. Price would still need to decline a bit. Sadly, the RSI does not match at all.
If you like my Content, hit the 👍 and/or comment and make sure to follow.
This Analysis is not intended to be investment advice. Always DYOR.