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Hypto-Crypto
Dec 14, 2018 4:04 PM

My case for a bottom in Bitcoin 

Bitcoin / U.S. dollarBitstamp

Description

There are a lot of 2014 / 2018 comparisons already out there but I really liked the simplicity of this one.

During this 2018 bear market I've fallen back many times to 2014's price action and RSI / MACD indicators. Many times the 2014 4h timeframe was nicely comparable to the current 2h timeframe.

In an attempt to approximate a bottom in BTC I decided to make a macro comparison on the daily timeframe.

1) The break and retest of the downward trendline signals the final stages of the bear run.

2) Both percentage drops are the same. 65% to first support becomes resistance. 50% from resistance to bottom.

3) Next step could be back to resistance.

Of course 2018's price action deviated many times from its comparison, so I don't expect it to follow the arrow, it's just a rough direction. You know, that history rhymes and doesn't repeat thing.

Comment

Next stage is in progress:
Comments
DoubleF
great. I follow this idea.
MateKristof
Woow! So interesting idea!
racethehare
well done!
RealMcafee
Interesting idea at least, alas I do not think it will happen.
achoCRYPTO
bear market end in 24h
crypTouche
Interesting view, thank you
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