Bitcoin (BTCUSD) is falling aggressively right now, breaking below the $70000 psychological mark. The Higher Lows Support broke yesterday, in the same way it did on January 20 during the previous consolidation of the current Bear Cycle.
The symmetry among the two fractals seems strong as they broke made this bearish break-out around the 0.5 Fibonacci retracement level. What followed in January when that happened was a 1 week consolidation within the 0.382 - 0.618 Fib range before the next round of (even more aggressive) selling was initiated.
The difference however is that currently the 1D RSI is already oversold (red circle) while in January it got oversold after it broke below the 0.618 Fib. What is a fact though is that the current selling sequence that was initiated after a rejection on the 1D MA200 (orange trend-line), which is historically the long-term Resistance of every Bear Cycle, targets the 1W MA200 (red trend-line) next and on the longer term, the 1W MA350 (black trend-line), which is where the 2022 Bear Cycle bottomed.
This is where our $50000 Target sits. And what BTC is doing right now is simply following the same 1-year script we've seen on every Bear Cycle historically.
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