I posted this chart in May, and was expecting this breakout around now. Even though we broke down to around 17k, which I was not expecting. If we can stay above 18k and have a weekly close above 23k, we can hopefully make the move up to around 48k before the end of spring 23.
Are we near the bottom for Bitcoin?? Notice the 20 and 100 SMA crossed over Dec 2018, we hit the bottom. We are about to cross over once again. This could be a signal that we are at the bottom for Bitcoin.
The bitcoin price has returned to the target price of the double bottom that was playing out between 2018 and 2020. The RSI also topped out at the same time and has been coming down since then.
I think we could bounce around this area until the RSI bottoms out and the next cycle starts.
