BITCOIN may have reached already its bottom

This is the BTC/USD weekly chart (BITSTAMP Exchange) and Relevant Strength Index Oscillator aka RSI indicator.

What could extract from this chart?

We can see clearly 3 long BEAR MARKETS despite since 2012, Bitcoin has crashed and rise 13 times with many of those falls larger in percentage terms than the latest 2018 correction.

Also, having a look on when the RSI has marked an OVERSOLD condition, it seems evident to discover that the first and the second LONG BEAR MARKETS finished at the very same point on which RSI touched that condition:

Actually if we zoom-in, the BEAR MARKET 2 touched two times the oversold condition before ending the correction in an interval of time which last 3.5 months:

Should we expect another TEST of the oversold condition on RSI?

History repeats?

BITCOIN touched the oversold condition on December the 10th last year. One month an a half has been passed since then and, despite the market has become a boring environment since then, I have the feeling that the end of the correction is very near...if not already reached on December.

Patience.

@toofasteddie

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

Published by Toofasteddie

with SteemPresshttps://mentormarket.io/toofasteddie/bitcoin-may-have-reached-already-its-bottom/

@toofasteddie, interesting analysis. Thank you for sharing your thoughts about the current stance of BTC with us.

Posted using Partiko Android

I really, really hope this is true! Keeping my fingers crossed :)

Hahahha! well, nobody know what will happen... I'm just trying to get the positive reading, always

Man you give me hope almost every day with yout TA 😁. Hope to see that uptrend once and for all. I deserve it 😉.

You deserve it, for sure...market is a continuous cycling monster, better times ahead!

We saw a small rally in February last year. Could happen this year as well. My concern is the lack of volume and numerous levels of hard resistance. Regardless, it does look like a larger move is coming this week.

This post contained some typos in its mentions that have been corrected in less than a day. Thank you for your quick edit !

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hahhahhah! corrected! Thanks @checky

BITCOIN may have reached already its bottom

What could extract from this chart?

*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.

If you found this comment useful, consider upvoting it to help keep this bot running. You can see a list of all available commands by replying with !help.

If you found this comment useful, consider upvoting it to help keep this bot running. You can see a list of all available commands by replying with `!help`.