Bitcoin continues to repeat itself. Will it do it again?
The current RSI has formed an almost identical pattern as it did in September. During this time it was forming a descending wedge/pennant/triangle.
Currently we are near the apex of an identical wedge and the RSI reset almost exactly like this at the end of September before it took off from 39K to 69K.
We also appear to be bottoming out on the Bollinger Bands, as we were in September before making a 30K move.
The first wave up was 23K and the second wave up was 30K.
I anticipate a breakout move to 80K from here. That would be about a 25K move from the bottom(assuming 55K is the bottom).
The current RSI has formed an almost identical pattern as it did in September. During this time it was forming a descending wedge/pennant/triangle.
Currently we are near the apex of an identical wedge and the RSI reset almost exactly like this at the end of September before it took off from 39K to 69K.
We also appear to be bottoming out on the Bollinger Bands, as we were in September before making a 30K move.
The first wave up was 23K and the second wave up was 30K.
I anticipate a breakout move to 80K from here. That would be about a 25K move from the bottom(assuming 55K is the bottom).
Note
BTC has just broke upward out of this descending wedge. ATH coming soonNote
BTC has been making a 3 rising valleys pattern. If it plays out this pattern on average would give BTC a 41% move from the ATH leaving it at about 92.5K before a 20% pull back to around the 70K levels
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Related publications
Disclaimer
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.