Just another day starting from scratch and doing some TA on bitcoin
. People love to compare the previous bear market with ours today. Since it shows many similarities I decided to do further analysis. What a curve-ball (repeated curve-ball) it'd be if we broke these moving averages and downtrend line to have a huge rally, only to the come cascading back down to new lows. I don't lean towards this happening because we have a more than likely delayed etf
announcement coming out this month and we have a weekly consolidation pattern tight and ready for a big break. There is also many new variables in our market compared to back then. ( MC
, exchanges, coinbase announcements yes coinbase does a lot for the space, regulated exchanges tbd, etf's, futures
, icos, partnerships etc. a lot has changed) For this to happen i would assume we'd need that ETF
announcement to be good or maybe coinbase will release a home run announcement aligned with TA to have a perfectly timed bull break and rally.
Personally I think we'll be seeing 4k range here shortly then can start accumulation and recovery
We range sideways around 6k til we reach our historical trend line
and have a bowl shaped (slow) recovery.
Capitulation is always an option too.
Not investment advice. Just showing similarities of previous bear market.