TechDev, thinks that Bitcoin (BTC) is imitating it’s past rallies and if so, is on the path for huge surges.
Furthermore, the crypto market analyst TechDev goes on to explains to his 183,600 Twitter followers. Then, notes how BTC’s current signal mirrors that of late 2020 structure. Of courses where the top cryptocurrency declines below $20,000 before hitting off to $64,000.
So, TechDev explains.
“Last time this cycle, BTC tried to break ATH (all-time high) on the weekly…”
“It consolidated beneath for 3-4 weeks with Stoch RSI…”
“[stochastic relative strength index] maxed out before a strong break to the upside.”
Then, TechDev adds.
“While comforting, the bearish sentiment is confusing.”
Notably, RSIs monitors the speed and rate of change in price movements, then, the stochastic RSI used such data over a set of time.
More so, TechDev goes on to make comparison between Bitcoin charts from 2013, 2017, and 2021.
Additionally, TechDev reveals that Bitcoin is currently walking above the 1.618 Fibonacci extension level. Of course, he describes as a historically significant level.
Recall, in the 2013 and 2017 bull cycles, Bitcoin stages a massive rally after taking out the 1.618 Fibonacci area.
So, TechDev continues.
“You ready for what’s coming?”
“I personally am not betting on this time being different for Bitcoin.”
Lastly, TechDev mentions four distinct two-week indicators across four BTC bull runs, showing when he would consider turning bearish.
“You’ll see me flip bearish on BTC as these 2-week indicators approach their critical zones.”
“If you flip sooner, that is fine, it will just have to be in contrast to all of these.”
“Everyone with respect and a data-supported thesis deserves respect themselves.”
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