Bitcoin almost hit last week the 1W MA100 (green trend-line) and that was enough to provide a rebound, at least on the short-term. The importance of this trend-line as a long-term Support if BTC is to recover and post a really to a new All Time High ( ATH ) can be further emphasized by a similar fractal formed on Dow Jones in 1994.

The periods of comparison is 2020 – 2022 on BTC and 1993 – 1995 on Dow Jones. As shown on their respective 1W charts, both started off after a flash crash and recovered initially on a Channel Up. Gradually they peaked, forming the 1-2-3-4 pattern, which eventually hit the 1W MA100. Notice how even the RSI sequences are identical. Dow Jones held the 1W MA100 as Support for 3 straight weeks and then after breaking the 1W MA50 (blue trend-line), it never looked back.

Can we see a similar rally to ATH on Bitcoin as well? Feel free to share your work and let me know in the comments section below!

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