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Is Bitcoin Retracing its 2015 Bottom?

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Bitcoin technical analysis

Bitcoin prices haven’t exactly been exciting in 2018.

Instead, they’ve been disappointing, falling from a January 2018 high of $15,572 to a current price of $6,452.

But, there are important things to consider.

Bitcoin Price Patterns

At the moment, Bitcoin is following a pattern last observed before the bullish reversal from September 2015.

When the bullish market trend came to an end the last time, we all saw an abrupt price drop. No significant highs could then be produced over the course of the year. Interestingly enough, if we compare the market conditions of 2018 with the market of 2015, there are certain similarities.

These could help draw useful data for analysis.

In both these years, the BTC price saw a surge of about 36% from the respective trough in the month of July. This development was unfortunately followed by a poor performance in the month of August.

And while the market trend of 2015 finally saw a high on July 6, the current bearish trends in 2018 haven’t been broken yet.

Technically Speaking

What’s important to note is that Bitcoin’s movement from a $5,589 August low created the first higher low of 2018. Experts have now suggested that the time is set for Bitcoin to now hit its first higher price high of 2018.  In addition, the bearish trends that have been gripping the markets have now shown signs of weakening. There has been a slow and steady increase in the present trend.

We should also note that Bitcoin is bouncing from major support.  This “line in the sand” if you will, has consistency held as support since November 2018.  From a current price of $6,451, we could see a potential test of prior resistance at $8,310.  It’s a wait and see, though.

Bitcoin is also just beginning to bounce from its lower Bollinger Band (2,20) with oversold extensions on relative strength (RSI) and Fast Stochastics.

 

 

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