Bitcoin long term log scale analysis:
To analyse the percent change of bitcoin over the long term period.
What we are seeing here is two major corrections from bitcoin since double digits prices.
1st one when btc crossed the 250 level barrier. It lasted 91days with a 74% drop in price, in the same period the RSI dropped 52%
2nd one when btc crossed the 1000 level barrier. It lasted close to 406days with 87% drop in price and RSI dropping 71% in the same period to a low of 27.5
Currently we are in the 3rd major correction that is seen afer btc broke the 10k level and faced exhaustion while coming close to 20k
We've seen 71% drop in prices so far(196days) while the RSI in the same period has dropped 54% to a low of 41.3.
The 91 Days correction (-74%) was till the weekly 30MA(green) & 78.6fib support of the move till 259
The 406 days correction (-87%) was till 152 level that was a prev resistance level, in the 78.6-88.6 fib region
Btc found decent support at the weekly 100MA during this correction period.
Currently the weekly 100MA is at 4607
78.6fib support is at 4328
Previous swing high: 4980 will also provide good support
To analyse the percent change of bitcoin over the long term period.
What we are seeing here is two major corrections from bitcoin since double digits prices.
1st one when btc crossed the 250 level barrier. It lasted 91days with a 74% drop in price, in the same period the RSI dropped 52%
2nd one when btc crossed the 1000 level barrier. It lasted close to 406days with 87% drop in price and RSI dropping 71% in the same period to a low of 27.5
Currently we are in the 3rd major correction that is seen afer btc broke the 10k level and faced exhaustion while coming close to 20k
We've seen 71% drop in prices so far(196days) while the RSI in the same period has dropped 54% to a low of 41.3.
The 91 Days correction (-74%) was till the weekly 30MA(green) & 78.6fib support of the move till 259
The 406 days correction (-87%) was till 152 level that was a prev resistance level, in the 78.6-88.6 fib region
Btc found decent support at the weekly 100MA during this correction period.
Currently the weekly 100MA is at 4607
78.6fib support is at 4328
Previous swing high: 4980 will also provide good support