Full disclosure, I'm not a huge fan of fractals, especially those resulting from black swan events over 4 years ago.
That being said, the BTC/USD weekly chart is starting to look worryingly similar to the 2021 top, as I'm sure many other analysts have also spotted.
The strong bearish RSI divergence is also cause for concern, as BTC heads down to retest its long-standing support level (white line).
Do I personally think history will repeat/rhyme this time? Mmm, I don't think so. Yes, we should anticipate further downside in the short-term. It is Summer after all. But with potential rate cuts due in September, war peace talks underway, and plenty of headroom left above in this cycle (according to the current MVRV score and Pi Cycle indicator), we could potentially see renewed optimism return end of September (NFA).
For the immediate term, a lot hangs in the balance of the upcoming Jackson Hole conference.
That being said, the BTC/USD weekly chart is starting to look worryingly similar to the 2021 top, as I'm sure many other analysts have also spotted.
The strong bearish RSI divergence is also cause for concern, as BTC heads down to retest its long-standing support level (white line).
Do I personally think history will repeat/rhyme this time? Mmm, I don't think so. Yes, we should anticipate further downside in the short-term. It is Summer after all. But with potential rate cuts due in September, war peace talks underway, and plenty of headroom left above in this cycle (according to the current MVRV score and Pi Cycle indicator), we could potentially see renewed optimism return end of September (NFA).
For the immediate term, a lot hangs in the balance of the upcoming Jackson Hole conference.
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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.