As we have entered in excited stage of 69th week bear market the same events are being unfolded like occurred in 2013 to 2015 bear market with same sequence.
The leading digital asset has formed the same pennant
on week chart. As we can see in 2013-15, the RSI
took two dips in oversold zone and now we have witnessed the same events again, even in both situations the RSI
is above 40 on 69th week.
The sell volume
oscillator triggered more than 20 before breaking the resistance in both situations.
A death cross between 25 and 50 MAs occurred within the pennant
A death cross between 50 and 100 MAs occurred after breaking the resistance.
The price action touched the pennant's support before breaking the resistance in both charts.
Now the bitcoin
is slowly gaining altitude after breaking the resistance flashing signs similar to those seen before the 2015 bull run.
I think next step will be that the price action may fail to break 25MA and retest the 200MA support and then come back and break the 25MA resistance and touch the 50MA resistance wich is at around 5700 (at the moment) as seen in 2015, this retesting will be really a breath taking adventure, but the real adventure would be when the priceline will retest the same support after touching the 50MA resistance.
But remember after this retest a massive bull run can be started as seen in 2015 with continuation of around 2 years of bull market (insha Allah).
This whole procedure can take 30 to 40 weeks maximum, and the countdown begins.
Atif Akbar (moon333)