Bitcoin hasn't done this since Spring 2013
Updated
5/17/19 8:40 AM CST Update:
It looks like our short term top is in so I went ahead and updated the chart to show what the possible pullback levels are. I’m also adding a chart from the Spring of 2013, which is looking more and more similar to the Spring of 2019.
Note that in 2013 we had a massive 3 month Spring rally that led us to overbought conditions and the MFI going above 95 on the weekly. It was followed by a massive 1 week selloff, slight recovery, and then continued downward movement until the correction reached 75%. The total correction lasted 13-14 weeks.
I’m not making predictions but rather just presenting the facts and analysis on what has happened in the past.
Weekly Current:
Weekly 2013:
See my original post on May 11th.
It looks like our short term top is in so I went ahead and updated the chart to show what the possible pullback levels are. I’m also adding a chart from the Spring of 2013, which is looking more and more similar to the Spring of 2019.
Note that in 2013 we had a massive 3 month Spring rally that led us to overbought conditions and the MFI going above 95 on the weekly. It was followed by a massive 1 week selloff, slight recovery, and then continued downward movement until the correction reached 75%. The total correction lasted 13-14 weeks.
I’m not making predictions but rather just presenting the facts and analysis on what has happened in the past.
Weekly Current:
Weekly 2013:
See my original post on May 11th.
Note
YouTube videoyoutu.be/CDzQAPdsj5w
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