The current market is looking very much like the 2019 Market just before the covid sell off began in both the chart and the RSI.
If we can not hold the 21 weekly MA as support, I believe a visit back to 30k is looking very likely before the next major run up to and above 100k.
Without the Heavy Covid FUD of 2019, this potential sell off may not be so severe....
I am a novice trader so dont think this is professional TA. I just found a few similarities between the July 2019 Price increase and the recent one I would like to share and I'm looking for feedback on it.
There are some obvious differences between the two fractals in the reaction to the initial 50% price drop. 2019 did not bounce back so quickly, where 2020 did....
These trend lines are nothing new just wanted to point out some things I have been looking at.
On the weekly chart I took a measured move from the highest price point on the peak of the first RSI top to the highest price point of the peak of the second RSI top of the 2014 bull run = 575%
I did the same for the 2018 bull run and it was 576%. More confluence...
I'm a noob so looking for feed back.
A lot of Alts have macro falling wedge set ups.. you think this could mean BTC is in consolidation for some months to come and Alt season kicks off?
