How high will BTC go this time?
We are seeing an exciting pump of BTC since 2-3 days ago. The stoch RSI on the weekly chart still shows an uptrend, which implies that we still have the momentum to go higher. But how high will BTC reach before we see a correction?
The chart of the last bear market may give us a hint. After BTC bottomed in the last bear market, it first tested 20 weekly EMA and pulled back. Then BTC tested 55 weekly EMA and pulled back. After a second test of the 55 EMA, BTC succefully broke through. A month later, the 20 EMA and 55 EMA crossed over and the bear market was over.
In today's chart, if history repeats, we should see a first test of the 20 weekly EMA, which is now at around $4400. Hopefully, we will see BTC test this key resistance in the next few days. If it does, a pull back will be seen after that. Of course, an assumption of comparing the 2014 chart with today's chart in this way is that we have already bottomed in today's chart. There is no guarantee that this assumption is true, but it looks more and more likely.
Let's see.
Not financial advice.
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