Posted this earlier today but it got flagged for adding my twitter handle so im posting again.
A lot of times this cycle is compared to the BTC cycle in 2013. However right now price action is looking very similar to 2017. We have bottomed out on almost the exact day in July and have been following the price movement of the second half of 2017 very closely.
The 55 EMA looks to be important to watch during these times. In July 2017, BTC had broken below the 55EMA before bottoming out, very similar to July 2021. They then proceeded to make higher highs and higher lows before having a second break and close below in September. It recovered relatively quickly from here and went on to continue the uptrend.
In both 2017 and 2021 when we bottomed in July and September, we had a double bottom on the RSI . In November of 2017 we didnt reach the bottom levels of the RSI trend during that correction but we did correct and continued the uptrend on the RSI once we tested and bounced off of the 55 EMA on the daily.
We just tested the 55EMA, and are currently looking for a bounce. If this plays out until the end of the year we could see a cycle top of 150k as soon as December 21st of this year.
After we reestablish the 7 MA next close below could be the signal that the top is in.
Good luck!
A lot of times this cycle is compared to the BTC cycle in 2013. However right now price action is looking very similar to 2017. We have bottomed out on almost the exact day in July and have been following the price movement of the second half of 2017 very closely.
The 55 EMA looks to be important to watch during these times. In July 2017, BTC had broken below the 55EMA before bottoming out, very similar to July 2021. They then proceeded to make higher highs and higher lows before having a second break and close below in September. It recovered relatively quickly from here and went on to continue the uptrend.
In both 2017 and 2021 when we bottomed in July and September, we had a double bottom on the RSI . In November of 2017 we didnt reach the bottom levels of the RSI trend during that correction but we did correct and continued the uptrend on the RSI once we tested and bounced off of the 55 EMA on the daily.
We just tested the 55EMA, and are currently looking for a bounce. If this plays out until the end of the year we could see a cycle top of 150k as soon as December 21st of this year.
After we reestablish the 7 MA next close below could be the signal that the top is in.
Good luck!
