BTC Big Picture: Descending Triangles & Incoming Trend Reversal?
(Disclosure: Another user posted a similar chart pattern. I wanted to emphasize it's importance and get maximum exposure on this idea as it appears there will be a BTC trend reversal based on these powerful and important patterns and indicators)
On the BTC linear chart, Bitcoin has been forming a large descending triangle very similar to the one created after the 2014 Bitcoin bull and bear market. As the RSI shows, the tightening of the 2018/2019 downward descending triangle is very similar to the 2014 RSI pattern. As this RSI pattern reaches its end, we should see pressure break to the upside, reversing BTC trend and entering a new phase of upward price movement. However, there is still short term BTC downside to be realized. The 2014 RSI falling wedge pattern shows a double bottom falling below 30 RSI before the reversal begins. If this pattern is play out, I would put the probabilities in favor of BTC finding this RSI double bottom sometime in the next 60 to 90 days.
Additionally, The BTC 200 Weekly Moving Average has been a significant line of support throughout Bitcoins lifespan. BTC price pierced through the 200 Weekly MA in 2014 twice, forming a market low and a higher low, before confirming a trend reversal and setting more higher lows and higher highs. Currently, BTC rests on the 200 Weekly MA, showing that we are near a historically strong resistance zone. BTC price may pierce through the 200 Weekly MA once or twice similar to the 2014 pattern, but I would expect the dip to be bought and bought up quick.
BTC is near bottom folks. Rejoice & BUY THE DIP!
On the BTC linear chart, Bitcoin has been forming a large descending triangle very similar to the one created after the 2014 Bitcoin bull and bear market. As the RSI shows, the tightening of the 2018/2019 downward descending triangle is very similar to the 2014 RSI pattern. As this RSI pattern reaches its end, we should see pressure break to the upside, reversing BTC trend and entering a new phase of upward price movement. However, there is still short term BTC downside to be realized. The 2014 RSI falling wedge pattern shows a double bottom falling below 30 RSI before the reversal begins. If this pattern is play out, I would put the probabilities in favor of BTC finding this RSI double bottom sometime in the next 60 to 90 days.
Additionally, The BTC 200 Weekly Moving Average has been a significant line of support throughout Bitcoins lifespan. BTC price pierced through the 200 Weekly MA in 2014 twice, forming a market low and a higher low, before confirming a trend reversal and setting more higher lows and higher highs. Currently, BTC rests on the 200 Weekly MA, showing that we are near a historically strong resistance zone. BTC price may pierce through the 200 Weekly MA once or twice similar to the 2014 pattern, but I would expect the dip to be bought and bought up quick.
BTC is near bottom folks. Rejoice & BUY THE DIP!