BTC - strong consolidation as 2014? You cant trick the pattern
Here we have a weekly analysis. Very similar pattern and chart behaviour comparing to consolidation pattern in 2014. Indeed you can call it accumulation or just consolidation but the fact is we have few similarities.
1) We have found some kind of bottom where we stopped the downtrend of LL and start consolidating just above it.
2) We did last LL and entered an accumulation zone.
3) Our famous Death Cross on weekly chart happened right in the end of the consolidation pattern, that we have now a very similar movement of EMAs direction this cross.
4) Our triangle pattern that caused low volatility, less interest in the asset and joyful playground for big players to accumulate, broke up and caused new HH though it lead after to test our bottom once again before we entered a bull market.
5) Some divergence that happened on RSI can lead is to the above break out.
Conclusion, we still need to accomplish death cross, another few months in the range and last bull trap before we can speak about the similar pattern but the symptoms are there and this will be amazing countertrade for those that left in the market despite low volatility and lack of outside interest.
1) We have found some kind of bottom where we stopped the downtrend of LL and start consolidating just above it.
2) We did last LL and entered an accumulation zone.
3) Our famous Death Cross on weekly chart happened right in the end of the consolidation pattern, that we have now a very similar movement of EMAs direction this cross.
4) Our triangle pattern that caused low volatility, less interest in the asset and joyful playground for big players to accumulate, broke up and caused new HH though it lead after to test our bottom once again before we entered a bull market.
5) Some divergence that happened on RSI can lead is to the above break out.
Conclusion, we still need to accomplish death cross, another few months in the range and last bull trap before we can speak about the similar pattern but the symptoms are there and this will be amazing countertrade for those that left in the market despite low volatility and lack of outside interest.
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As EMAs didnt update with the chart so on the chart above you can see the perfect timing of the cross :)