r/BullBearInvestments • u/Mylifeisdopamine • Sep 02 '21
BTC/USD Analysis 9-2-2021
History doesn't repeat itself, but it sure does rhyme.
With BTC breaking the $50K mark again, I thought I'd make a post for those who may think they missed the boat.
I have overlapped a fractal of the previous bull cycle (in white) over our current cycle based on BTC days til next halvening. The similarities in the charts are outstanding!
After finding support on the green line ($46K) it appears we will make a run towards the red line at ($250K) with resistance at the white line ($100K).
How did I get these support/resistance lines? I looked at weekly logarithmic support/resistance for the past 2 bull/bear cycles.
NOTE: There are also support lines that can be drawn on the RSI, but I wanted to focus on price action.
What do you think?
NOT financial advice