As Bitcoin continues to show its growing technical strength since I last shared this chart, I thought it might be a good time to revisit this comparative analysis of bear market bottoms - 2015 (right), 2018 (middle) and 2022 (left)
The first thing to note about this comparison is the similarities that only become visible when the timeframes are compressed and in particular, when price breaks above the channel we have seen a spike in both volume and price to signal that the trend has reversed.
With uncanny similarities in the MACD, RSI, Moving Averages and Price structures, between the 5-day (2015), 2-day (2018) and 1-day (2022) timeframes, it certainly looks like price could continue to move higher. This will require a break above the 1D 100MA (light blue line) and increasing volume. Notably, this is the 3rd day that price has held above the channel, but sandwiched by the 1D 100MA, which makes a break of this MA the likely trigger for a surge upward.
Do you think a break to the upside of the 1D 100MA will be significant factor for a price rally?
I tend to agree, but it’s a dynamic environment in which there are multiple possibilities as evidenced by the recent correction and current uncertainty in the market.
ROCKET_RACKS
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Great work on those bear market bottom comparisons! :) the BTC long term bottom got put in back in mid-June. It’s time to go much much higher! :)