The bottom is close for Bitcoin

٣٠ يونيو ٢٠٢٢

You've heard it time and time again in trading, "The past doesn't repeat, but it does rhyme". How, you might ask? The current trading pattern looks remarkably like January 2015. Many people have been saying that this time seems different. The dumping has been sustained with very little in the way of relief. If you overlay the trading pattern of January 2015 to today, you'll see that they look quite similar. Not just because of the pattern, but also a breaking below of long time held support. This is a paradigm shift and start of a new trend. Could we dump down to 10K or lower? We could, but bitcoin is more oversold than it has ever been. The current headwind in the stock market could push this much lower, but the time it takes for us to get there seems to indicate it's coming quite soon, and this pattern bolsters that sentiment in my mind at least.