My case for a bottom in Bitcoin
Updated
There are a lot of 2014 / 2018 comparisons already out there but I really liked the simplicity of this one.
During this 2018 bear market I've fallen back many times to 2014's price action and RSI / MACD indicators. Many times the 2014 4h timeframe was nicely comparable to the current 2h timeframe.
In an attempt to approximate a bottom in BTC I decided to make a macro comparison on the daily timeframe.
1) The break and retest of the downward trendline signals the final stages of the bear run.
2) Both percentage drops are the same. 65% to first support becomes resistance. 50% from resistance to bottom.
3) Next step could be back to resistance.
Of course 2018's price action deviated many times from its comparison, so I don't expect it to follow the arrow, it's just a rough direction. You know, that history rhymes and doesn't repeat thing.
During this 2018 bear market I've fallen back many times to 2014's price action and RSI / MACD indicators. Many times the 2014 4h timeframe was nicely comparable to the current 2h timeframe.
In an attempt to approximate a bottom in BTC I decided to make a macro comparison on the daily timeframe.
1) The break and retest of the downward trendline signals the final stages of the bear run.
2) Both percentage drops are the same. 65% to first support becomes resistance. 50% from resistance to bottom.
3) Next step could be back to resistance.
Of course 2018's price action deviated many times from its comparison, so I don't expect it to follow the arrow, it's just a rough direction. You know, that history rhymes and doesn't repeat thing.
Note
Next stage is in progress:
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