BTC 1W Chart similarities of the current cycle and 2012-2015
The RSI and price action of 2012-2015 mirror the current cycle. If this continues to hold true, one more leg down is likely. There is nothing in the current market that is indicating a recovery: corporations are not hiring (they are laying off) and they are not announcing expansion projects, the quarterly GDP is shrinking not growing, etc. I look for opportunities at the $11.5K-$13.5K level or possibly the $9K-$10.5K area where support is very strong.