Bitcoin [BTC] - Update 22/04/2018

Here is an interesting comparison between 2014 and now. No rescaling, no manipulation. Same chart. 1d Log.

2014 Adam & Eve double bottom and out.

2018 Adam & Even double bottom and POSSIBLY breaking out.

2014 took a LOT longer (for obvious reasons) but if you take into consideration that BTC is now more mature (compared to then) and higher interests are at stake, the more rapid recovery makes sense. Also, no Mt Gox this time. Most meaningful comparison between the two, if you ask me. It also demonstrates that a retrace to below (or even close to) the double bottom is not required.

I would not be surprised if we hit 9.2 ±100 once again, maybe even twice and then we need to refill the tank at either 8.5 or even 8.1 (preferably 8.1) before breaking through this very heavy resistance and maybe even get past 9.5. I am talking days, if not weeks.

This is my primary scenario. Not the only scenario. Secondary is a pump past 9.3 in the next few days. The most boring one is that we move more or less sideways for a week or more, staying below the cloud (1d).

And before the geniuses point out that I literally mentioned down, up and sideways, let me say: of course I did. You always look at every possible scenario so you can decide your actions beforehand. If you only have one scenario, you're not serious but a charlatan.

That said: I want the retrace to 8.1 or somewhat higher as I consider that to be the most bullish and best for the long term. It is also supported by the cloud, yesterday's candle, RSI and the 100 MA is acting as a ceiling as well. The positive sign is that the 200/50 gap is narrowing but that might be too soon, so that could in fact support a refill at 8.xxx. All this on the 1D chart, by the way. The 4hr and the 30 min look much more bullish. That is why I believe we will test 9.2 ±100 again. Short term (hours or days) rise first.