 | Just a foreword before we get started.. technical analysis is not for everyone. It's a dying art and not many possess the craft. Remember to DYOR and yes this is financial advice. COVID-19 (Jan 2020 - present)First lets take a look at the protagonists movements since the commencement of the bull market in 2020. As you can see COVID19 ascended quickly before hitting it's peak in Jan 2021. It tested ATH a further two times hitting peaks April 2021 and Sep 2021. Before breaching through barriers of resistance and forming record hitting new ATH in Jan 2022. Bitcoin (2020 - present)Bitcoin was alittle slower to the party in 2020 and didn't notice the buying pressure from COVID19 until much later in 2020. It did eventually go on to test ATH levels in early 2021 and found support at the 30,000 mark in 2021 before retesting ATH in Sept 2021. Note: The two humps on the Bitcoin charts. Very similar in volume and timing to the two first COVID-19 peaks. My final verdict: Bitcoin is lagging COVID19 by about 6 to 8 months. I expect Bitcoin to retest $69,000 USD before breaking $150,000 in mid-late 2022. [link] [comments] |
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