As everyone is aware, Bitcoin (BTCUSD) made an incredible rebound on the 1D MA200 (orange trend-line) 5 days ago shortly after forming a Bullish Cross with the 1D MA100 (green trend-line). As many analysts have been comparing the current Cycle Bottom to that of 2015, it is perhaps time to call it a day on expectations for a 15.5k Double Bottom as it happened on August 2015.
As we have clearly explained to you and published on our January 21 analysis, expecting a drop like August 2015 wasn't an optimal strategy as it was caused by the Bitfinex flash crash:
As you see, that analysis has quite accurately grasped BTC's movement these past 2 months, projecting also February pull-back. Its first target before another consolidation/ pull-back was around the 0.5 Fibonacci (33k). On the current analysis we will take it a step further, showing another angle by comparing it with the 2015 fractal, excluding of course (as we also told you 2 months ago) the August 2015 Bitfinex crash, which was an unexpected event that distorted the sound technical trend up to that point.
** Similarities between 2023 - 2015 **
First of all, observe how similar the 1D RSI sequences traded. The new rebound started once the 1D RSI broke into the 30.00 oversold barrier. If we also exclude the November 08/09 2022 FTX crash, we can see that on both fractals the range from the prior Low to the Resistance is around +40%. Assuming the Bitfinex crash in August 2015 never happened, and we calculate the impulse rise from the 1D MA200, we get an exact +100% rise on the November 04 2015 High. If this gets repeated today, it gives a $39000 target.
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As we have clearly explained to you and published on our January 21 analysis, expecting a drop like August 2015 wasn't an optimal strategy as it was caused by the Bitfinex flash crash:
As you see, that analysis has quite accurately grasped BTC's movement these past 2 months, projecting also February pull-back. Its first target before another consolidation/ pull-back was around the 0.5 Fibonacci (33k). On the current analysis we will take it a step further, showing another angle by comparing it with the 2015 fractal, excluding of course (as we also told you 2 months ago) the August 2015 Bitfinex crash, which was an unexpected event that distorted the sound technical trend up to that point.
** Similarities between 2023 - 2015 **
First of all, observe how similar the 1D RSI sequences traded. The new rebound started once the 1D RSI broke into the 30.00 oversold barrier. If we also exclude the November 08/09 2022 FTX crash, we can see that on both fractals the range from the prior Low to the Resistance is around +40%. Assuming the Bitfinex crash in August 2015 never happened, and we calculate the impulse rise from the 1D MA200, we get an exact +100% rise on the November 04 2015 High. If this gets repeated today, it gives a $39000 target.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! **
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👑Best Signals (Forex/Crypto+70% accuracy) & Account Management (+20% profit/month on 10k accounts)
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
💰Free Channel t.me/tradingshotglobal
🤵Contact info@tradingshot.com t.me/tradingshot
🔥New service: next X100 crypto GEMS!
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.