- March 6, 2023
- Posted by: Tradingshot Articles
- Category: Cryptocurrency
There has been tons of talk about Bitcoin’s (BTCUSD) similarity of the current bottom reversal with the 2019 one. A lot of comparisons have been made, we’ve started doing that since November, but the time has come that BTC either confirms or dismisses the 2019 fractal.
As you see on the left chart (2023) the consolidation within the Bullish Megaphone that Bitcoin has been trading in for the whole month of December is naturally creating an RSI Bearish Divergence due to the aggressive January rally. We can see the very same formations in 2019 (right chart), with the RSI supported by a Higher Lows trend-line. The time-frames are different (3D against 2D) to account for the fundamental noise and serve better the purpose of comparison.
The market has now no other choice but to make its move by either validating the 2019 fractal by breaking above the orange trend-line or negating it and end the comparison discussions once and for all.
What do you think the market has in store for us? Feel free to let us know in the comments section below!