Just a fun idea comparing the 2014 pop to the current pop. Not meant to be a serious analysis, but it does line up with my far out own idea of $5500 being a good bottom to scoop up for a month of upswing. However, $7200 is my more realistic bottom before retesting 12K imo.
Im taking a neutral stance on BTC for the time being. The bullishness seems to have petered out, as indicated by the lack of an ATH retest/breaks as we had last year. For now, we're ranging and not bullish. Definitely not bearish, but i'm not holding positions for a new ATH any time soon.
To me the outlook is bullish on the weekly. We have been hanging around the 390 zone for a while, which acted as large support zone back in 2014, with multiple tests of support and eventual breakdown.
We've broken out this zone on the weekly, with a new candle tomorrow, which if it closes nice a solid, should mean we have a nice launch pad for $550-600 as the ...