I'm by no means bullish on BTC right now however I'm not bearish after the recent dip either. In times like these I look back to our last big scare, this was in September, we had a deep correction followed by a fairly swift recovery. We then had a rejection at the downtrend which caused a mini crash and started to get a lot of people calling for a correction to $1300. We are seeing a similar thing happening now.
The patterns are similar. 3 touches on the downtrend, a capitulation in the middle and a battle between bull and bear afterwards. Bulls won out in September, finding support at previous resistance (much like we have found today) however that was in the early stages of a big bull run. The timescale is also intriguing, this current correction has taken us 82 days to get to this point. The previous took just over 20 days, thats a 4x increase in timescale. We also have corrected from $20k compared to $5k in September, a 4x increase in price.
Things are different now, we had a clear top unlike in September but this is an interesting time nonetheless. let's see if the old pattern can repeat itself or if the bears can win this time.
(September chart for comparison below)
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The patterns are similar. 3 touches on the downtrend, a capitulation in the middle and a battle between bull and bear afterwards. Bulls won out in September, finding support at previous resistance (much like we have found today) however that was in the early stages of a big bull run. The timescale is also intriguing, this current correction has taken us 82 days to get to this point. The previous took just over 20 days, thats a 4x increase in timescale. We also have corrected from $20k compared to $5k in September, a 4x increase in price.
Things are different now, we had a clear top unlike in September but this is an interesting time nonetheless. let's see if the old pattern can repeat itself or if the bears can win this time.
(September chart for comparison below)
For more charts and ideas please feel free to join our discord community :)
discord.gg/BtTzCeX
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