#Bitcoin has been making higher highs since the crash to $18k, but the recovery is nothing impressive after a crash of this magnitude.
I think #BTC might stay in this area for sometime waiting for July CPI number, macro decisions (Fed) and Q2 earnings/recession confirmation.
But to be fair, this crash is significant because it has brought #Bitcoin down to the level in sync with previous cycle bottoms.
#200WMA gives a bottom target of $22.4k, #BTC is now below that.
BTC also resting on 1 fib extension level in this correction, like 2018 cycle bottom
3D deathcross-capitulation model gives a target of $15.5k #Bitcoin for this cycle bottom, #BTC has come close to this target during the crash but didn't hit it.
Notice the 3D RSI wasn't as oversold yet as with the 2018 cycle bottom.
#50MMA model gives a cycle bottom target of $21.3k for #Bitcoin, and #BTC tested this target and now holding exactly at this level.
Note the monthly #RSI is now the most oversold in the history of Bitcoin. However price CAN continue to go down even if RSI recovers (divergence).
The last model here is #200DMA deviation model: #Bitcoin tested the largest deviation in history (-52%), similar to the 2018 cycle bottom, suggesting extremely OVERSOLD conditions after a persistent bearmarket, even if not the cycle bottom yet.
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