Part 6: With the month of September coming to close in the coming days on a Monthly TD Sequential Red 1 price flip, October will be critical as to whether Bitcoin's monthly candle will close as a green 1 to break the sequential correction, or continue with another 6-8 red candles - as has happened in 2014 and 2018 during bear markets. Note that the Monthly Red 1 candles immediately preceding ATH have been excluded, as previously only have led to a 1-4 candle correction.
As intriguing is that 4 years have now passed since Bitcoin's 2014 Monthly Red 1 candle that led to the 2016-2017 bull market. Additionally, the monthly RSI has broken down from 60 (bullish) to neutral territory, indicating scope for a 7-9 candle correction.
If Bitcoin Repeats History?
Part 1: Descending Triangle Looking Similar
Part 2: Measuring The Move of the Descending Triangle Breakdown
Part 3: A repeat of 2014? Worst Case Scenario A $2,500 Low
Part 4: Extrapolating 2012 Descending Triangle Breakdown
Part 5: If 2017 Descending Triangle Repeats? Best Case Scenario
As intriguing is that 4 years have now passed since Bitcoin's 2014 Monthly Red 1 candle that led to the 2016-2017 bull market. Additionally, the monthly RSI has broken down from 60 (bullish) to neutral territory, indicating scope for a 7-9 candle correction.
If Bitcoin Repeats History?
Part 1: Descending Triangle Looking Similar
Part 2: Measuring The Move of the Descending Triangle Breakdown
Part 3: A repeat of 2014? Worst Case Scenario A $2,500 Low
Part 4: Extrapolating 2012 Descending Triangle Breakdown
Part 5: If 2017 Descending Triangle Repeats? Best Case Scenario
Note
Part 7: Another Bearish Indicator: 200 EMA & MA Bearcross
Note
Part 8: Bitcoin's Full Moon Reversal 6 Month Pattern
Note
Part 9: TD Sequential 9 Next Week To Decide Direction?
Note
Part 10: Extrapolating the 50 & 200 Day MA bear crosses
Note
The MACD is on a bear cross for anyone not paying attention:
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.