This analysis of an account named TradingShot (Tradingview.com) continues to receive a response from the community.
Past/ historic behavior is a great way at making future projections, by comparing this year’s sell-off due to Musk/ China’s ban and subsequent recovery to the 2020 COVID sell-off (and subsequent recovery).
He does not get into too much detail, but as you see by the markings and explanations he plotted on the chart (1D time-frame), the two fractals are extremely similar:
a) The basic structure consists of a Lower Highs (red arrows) and a Higher Lows (green arrows) trend-line, which provide initially Resistance and then Support levels respectively.
b) When the MA50 (blue trend-line) crosses below the MA100 (green trend-line), BTC is around a Bottom. Similarly, when the MA50 crosses above the MA100, BTC is around a Top. The last MA50 crossing above the MA100 marked a rally (step 7) in mid October 2020.
c) The RSI bottoming sequences are also identical, marking a bottom on the last Lower Low of the trend-line (second green arrows), which is basically where we’re at right now.
So based on this fractal do you expect BTCUSD to make a bottom soon and will the next 1D MA50 crossing above the 1D MA100 initiate a new parabolic rally?
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DISCLAIMER: The article is not calling for investment. Every decision is yours to decide