Bitcoin is now 100% off it's December bottom. While most speculators were trying to convince themselves that crypto was dead, and this was yet another bull trap, bitcoin had been breaking key resistance levels. And now we've finally reached the 23.6% retrace off the entire decline from the all time high peak of december 2017. Alongside this level, we also have the 50% slope off the long-term pitchfork, which was a key inflexion point throughout the 2015-2017 rally.
Another area to watch is the RSI, currently sitting above 70 for the first time since Jan 2018. It's important to remember that a rally is usually the strongest while RSI > 70. Contrary to popular (wrongly popular) belief, an RSI > 70 is not a bearish indicator.
Another area to watch is the RSI, currently sitting above 70 for the first time since Jan 2018. It's important to remember that a rally is usually the strongest while RSI > 70. Contrary to popular (wrongly popular) belief, an RSI > 70 is not a bearish indicator.
50% off Feb 2018 highs -> december 2018 lows