BITCOIN HISTORY REPEATS ITSELF?

Mar 18, 2021

Today’s update is about Bitcoin on the 2h time-frame. I have used the BTCUSD bar chart from BITSTAMP. Not long since February 8th, bitcoin peaked around 42k and went through a 19 day downtrend. Elon Musk announced right after the short correction phase that his company TESLA bought $1.5 billion in Bitcoin. This was a special moment for me and all of us, who truly believe in the power of this deflationary asset. It is a milestone in terms of mass-adoption. Those who have been here for some time know how hard it is/was to convince people about this ‘new’ phenomenon and its brilliancy. A moment to capture. Elon Musk was a good catalysator for resuming the trend upwards which brought us to 48k. From then on, bitcoin was in consolidation mode and formed a bearish flag. Almost everyone expected btc to drop with a retest of its previous ATH. In retrospect, implausibility wins. Tricky move, but Bitcoin had enough Elon fuel to make another ATH right after the first one, namely to 58,5k. Btc dropped over 10k directly on the same day. Another 5d brought us to a positive retest of the old ATH of 42k at the 0.787 fib level before a turnaround. The MACD could make a bearish crossover.

Is this the alert for another red run into the weekend?

Let me know in the comments below what you guys think about that idea!

Have a nice day. Expect Altcoins to do well, mostly.

Cheers!