Comparing 2019 mid cycle correction with 2020-2021 on 3D chart
Staring on the charts i noticed similar market structure on 2019-2020 and 2020-2021 mid cycle corrections.
After first market top (marked with number 1) there were strong correction until the moment when RSI formed double bottom on around 34-40 level.
After RSI formed a bottoming pattern there were secondary rally until 70 on RSI. Secondary rally marked with number 2.
I must say that back then in 2019 secondary rally was weaker than Bitcoin had in late 2021.
Secondary rally ended with massive price plunge "corona dump" which brought RSI down to 30 on 13th of march 2020. This time crypto market did not have any critical news that affected price this much BUT anyways for the last 3 month price declined pretty massively, slowly but steady.
Please notice that both times after secondary rally, RSI created lower low on level 30.
I marked with green lines places where i think Bitcoin price is (12.02.22 and 28.03.20)
P.S. Chart is on 3d time frame.
I see almost everyone has turned bearish right now, expecting price to go as low as 20k and 10k. Back then in march 2020 i saw the same thing happened in crypto community.
I believe that we witnessed huge buy opportunity for the next year.
Finger crossed :)
After first market top (marked with number 1) there were strong correction until the moment when RSI formed double bottom on around 34-40 level.
After RSI formed a bottoming pattern there were secondary rally until 70 on RSI. Secondary rally marked with number 2.
I must say that back then in 2019 secondary rally was weaker than Bitcoin had in late 2021.
Secondary rally ended with massive price plunge "corona dump" which brought RSI down to 30 on 13th of march 2020. This time crypto market did not have any critical news that affected price this much BUT anyways for the last 3 month price declined pretty massively, slowly but steady.
Please notice that both times after secondary rally, RSI created lower low on level 30.
I marked with green lines places where i think Bitcoin price is (12.02.22 and 28.03.20)
P.S. Chart is on 3d time frame.
I see almost everyone has turned bearish right now, expecting price to go as low as 20k and 10k. Back then in march 2020 i saw the same thing happened in crypto community.
I believe that we witnessed huge buy opportunity for the next year.
Finger crossed :)
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