Comparison between previous and current bear market using the Weekly RSI.
*In the previous bear market, the weekly rsi 42-43 zone was a strong support that was hard to break and the price was struggling to close below $400.
* 42-43 zone finally breaks down to 30 taking the btc price down with to $275.
* Weekly RSI bounces and tests 42-43 now as resistance and fails to break, crashing the price down to $166 and weekly RSI to 28.
* Current bear market had similar support at 42-43 zone but it finally did crash down to 29 while taking the price down to $3200.
* Weekly RSI bounced back up and currently hovering at mid 41 while it did touch the 42-43 zone it failed to close in it, btc price also jumps.
* Should history repeat again, then the weekly RSI should retest the lows of 30 and btc price should drop to a new lower low.
* In the previous bear market the price difference between the first low of $275 and second and final low of 166 was roughly 39.5%
* In current bear market that would mean the bottom is at the price of $1950, calculating from the current low of $3200.
Goodluck everyone, comments/constructive criticism is welcome.
Thank you.
*In the previous bear market, the weekly rsi 42-43 zone was a strong support that was hard to break and the price was struggling to close below $400.
* 42-43 zone finally breaks down to 30 taking the btc price down with to $275.
* Weekly RSI bounces and tests 42-43 now as resistance and fails to break, crashing the price down to $166 and weekly RSI to 28.
* Current bear market had similar support at 42-43 zone but it finally did crash down to 29 while taking the price down to $3200.
* Weekly RSI bounced back up and currently hovering at mid 41 while it did touch the 42-43 zone it failed to close in it, btc price also jumps.
* Should history repeat again, then the weekly RSI should retest the lows of 30 and btc price should drop to a new lower low.
* In the previous bear market the price difference between the first low of $275 and second and final low of 166 was roughly 39.5%
* In current bear market that would mean the bottom is at the price of $1950, calculating from the current low of $3200.
Goodluck everyone, comments/constructive criticism is welcome.
Thank you.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.