BTCUSD
After 504 days of bearish time of the 2017 bull run, BTC price has dropped 85% from its top high. Since Feb. 2019, BTC has gained good momentum and entered a bull run that pushes price up to more than 50%. From two simple and well-known indicators applied on weekly chart, which are the Bollinger Bands (BB) and the Simple Moving Average (MA50), one can point out the reversal sign of BTC (as well as the crypto market) this year.
Specifically, price has pierced through the middle line of the BB (confirmed on 25 March 2019), indicating the favor has changed from bearish mode to the bullish one. This conclusion is strengthen by the Relative Strength Index ( RSI ) indicator, RSI values have raise to the above 50 zone (related to bullish phase of market) after 434 days. In addition, BTC price is very likely to pass the MA50 (we need this weekly candle to close to confirm this), annotates spring season comes close to crypto market.
But, the historical performance of BTC shows that, before every bull run actually taken place, there were a massive drop (which can be extended to 50% from local peak) on its price. If BTC hits $6k on this bull run, there will be a quick pull back to $4k before next rally. Keep an eye on BTC price next week, next week will be a decisive week of btc .
This market performance recalls me last bullish sign of BTC in 2014 (as the attached picture below). The fractal may be reiterated this year.
