In this study I contrast the 2018 bottom and 2019 recovery with the 2022 bottom and 2023 recovery, in the weekly chart, focused on the respective vertical lines.
In each case you will note that the 1W 12MA (purple line) has crossed bullish over the 1W 20MA (brown line), while the 1W 50MA (Golden line) offers resistance to the price action. In 2019 this was resolved with a break above the 50MA line after 4 weeks of consolidation, followed by a substantial (176%) rally.
Could history repeat again? Is Bitcoin readying to break above the 1W 50MA to set the conditions for posting some significant gains?
There are a few similar features of the respective time periods that mark this market as a potential fractal replay of the 2019 market recovery.
What do you think? Time for new lows or are we about to break higher?
In each case you will note that the 1W 12MA (purple line) has crossed bullish over the 1W 20MA (brown line), while the 1W 50MA (Golden line) offers resistance to the price action. In 2019 this was resolved with a break above the 50MA line after 4 weeks of consolidation, followed by a substantial (176%) rally.
Could history repeat again? Is Bitcoin readying to break above the 1W 50MA to set the conditions for posting some significant gains?
There are a few similar features of the respective time periods that mark this market as a potential fractal replay of the 2019 market recovery.
- Price has broken out from the declining channel of the bear market
- The RSI looks to be in a similar happy place
- Although this time, the 1W 200MA (dark blue) appears to have taken the place of the 100MA (light blue).
What do you think? Time for new lows or are we about to break higher?
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