BITCOIN BOTTOM SIMILARITIES

The Bitcoin market is still pumping and also the dollar is beginning to drop. There is no doubt that this crypto bear has being stressful and there is a lot of pain couple with it. The only question going through the mind of many people is, when will all these will be over so that they can be happy? Although the bear markets are difficult but it going to product good character in the long run.

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We don't know for sure if 17,600 is the bottom for Bitcoin. There are some signal on the bitcoin chart that shows that either we have either seen the bottom or very close to the bottom. If you look at the RSI indicator on the Bitcoin chart, you will see that RSI as been on a downtrend on the RSI seen early January 2021. The $65,000 top in the April fell from 95 all the way down to 72. This is a massive slow down in the momentum by the time we got the Bitcoin rally up to $69,000. Ever since that time, Bitcoin has being on a downtrend on RSI line. If we see a break on the RSI, it could signal a potential for a true reversal in Bitcoin's fortunes.

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If you look at the Bitcoin, you we see that it took 81 weeks before the market reverse back in 2013. In 2017, it took 68 week before we got a bullish pivot for Bitcoin. There is a huge potential for was to see a reverse in the Bitcoin market around March next year and that means will have to wait another 20 week before pivot. The are some similarities between the 2018 Bitcoin bottom and now. Back in 2018, the crash was a painful event because everyone was calling for a thousand dollar Bitcoins just like was everyone is calling for a $10,000. The huge Bitcoin crash, there was a little bit of rally in the market. Thereafter, the Bitcoin was side ways just like what we are seeing now. This is exactly what we are see in the market. The crash is was also similar in terms of percentage.