Bear market rallies in bot 2015 and 2019 both recovered 70% of losses before revisiting lows prior to bull runs. Considering the duration of the current rally and continuing resets of the RSI on lower time frames, I think history tells us we can expect a repeat of these previous rallies to front run the recessionary pull back of the other indices.A 70% recovery puts BTC somewhere around 53K so be prepared for an unexpected pump that hits targets anywhere from 48 to 53K prior to a quick sell off once the target price is reached. I have a "you are here" arrow on the 2019 rally shown on the daily TF with Fibonacci levels to give an approximation of where we are in the current trend.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.