Reference: BTC/USD Recovery from 2014 bear market
Reference purposes only.
The key S & R levels marked out from when BTC exited the 2014 'bear market'.
Scroll up to see the current market with levels also marked.
Plenty of 20-30% corrections back then as BTC price rose to eventually surpass previous ATH.
Very similar in the current market - although - the lower highs observed currently is cause for concern!
The key S & R levels marked out from when BTC exited the 2014 'bear market'.
Scroll up to see the current market with levels also marked.
Plenty of 20-30% corrections back then as BTC price rose to eventually surpass previous ATH.
Very similar in the current market - although - the lower highs observed currently is cause for concern!
However, look at the support and resistance areas that held relevance in the previous market recovery from 2015/2016. The 'dollar' value of these levels are really very telling, and often equate to round numbers.
I do think that that's the case now. Areas like 9k, 12k have huge psychological relevance. Remember the excitement of BTC breaking 9k back in the day?
15k looks, to me, like the 'real' top of the last market (maybe 15-16k region), and everything above that was just hype and fury.
Compare this to 2014 where 1000 was clearly the 'real top' and the move above it was again, so much madness that could not be sustained and proved to be less relevant price point in future price action.
This means we are only 3k away from the real top of the last bull run, really not much of a hurdle to be cleared, given the most recent price action.