Bitcoin is forming its cyclical market bottom. A spike to a lower-low with a v-shape recovery is in the future, IF history is any indicator.
Looking at the 2015 market low (left) and the 2018 market low(centre) we can see clearly that the once price crosses above the 1D 12 MA AND 20 MA then the market low is in the past. In both instances that crossing was concurrent with increasing volume until price spiked above the upper-Bollinger Band. These are the milestone proof-points of the market bottom.
In the current market, those events are still in our future.
I feel a spike down to a new low is imminent, possibly forming a effective double bottom around the $25k level. History tells us we should then see a discernable upward trend in all indicators, with milestone proof-points confirmed in the following week.
What do you think, is price about to crash to sub $20k, take off to the moon, or emulate these past bear market lows?
Looking at the 2015 market low (left) and the 2018 market low(centre) we can see clearly that the once price crosses above the 1D 12 MA AND 20 MA then the market low is in the past. In both instances that crossing was concurrent with increasing volume until price spiked above the upper-Bollinger Band. These are the milestone proof-points of the market bottom.
In the current market, those events are still in our future.
I feel a spike down to a new low is imminent, possibly forming a effective double bottom around the $25k level. History tells us we should then see a discernable upward trend in all indicators, with milestone proof-points confirmed in the following week.
What do you think, is price about to crash to sub $20k, take off to the moon, or emulate these past bear market lows?
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