Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! In front of you, I have two daily charts of. The chart on the left is the currentchart, while the chart on the right depicts Bitcoin's progression through early 2015, where the last bear market ended. Today, we're going to compare the similarities of the price movements, from the final days of the last bear market to today, to try to understand what could be developing in today's market. Moreover, reviewing the 2015 market action, will give us some insight into the potential dangers if the market deviates strongly from 2015's general trajectory.So, on the chart to the right, you can see that in 2015,fell to the bottom of a downtrend channel (Low.) From there, we rallied toward the middle of the channel, and the 50 EMA resistance. That produced a right shoulder, in a descending head and shoulders pattern. Then, we can see that the quasi head and shoulders pattern did not break down. Instead, support was found on the bottom of the triangle (in blue) and price then rallied — managing to close above the 50 EMA . Speaking of the 2015 triangle, I realize that I could have drawn the top trendline a little differently (catching the candle wicks.) However, I wanted to connect the relevant start of the pattern, to fully illustrate the similarities. Keep in mind that technical analysis is not always bound by tight rules and restrictions. You have to be fluid with your analysis, when the time is right, without being unjustifiably biased. In this situation, there is a clear similarity. Liquidity and market participation were much different in 2015, when compared to today. So, a slight shift in the similarities can be excused. Now then, after the quasi head and shoulders pattern of 2015 had completed itself, we saw a two day pause, followed by a rally that tookabove the 50 EMA Looking at today's chart on the left, we can see that the market fell into a low that was formed on the bottom of the downtrend channel , then rallied up into this head and shoulders formation inside of a similar triangle. The head and shoulders pattern completed itself three days ago, and we have basically gone nowhere. So, when we compare this to 2015, we are at the point right where the major rally occurred, that sentabove the 50 EMA . We all know that a rally has not happened yet, but if we do see a rally here, it would be inline with what was seen in the technical developments after the exact low of 2015. On the other hand, if we see a breakdown from here, that would be a deviation from what we saw in 2015. It would fulfill the recent head and shoulders pattern, and it would be a sign that things aren't the same.However, today looks strikingly similar to the bottom that was formed during the last bear market. That pink moving average on the bottom is the weekly 200 MA, which is something that I have been talking about for weeks now. You can see that we held it in 2015, and the low was formed on the bottom of the channel and that average. That is exactly what we are seeing today. The head and shoulders inside of the triangle, the initial 50 EMA resistance is similar, the pause after the head and shoulders . However, there are some slight differences too.The bottom line is that we are likely to vacate this 3500 area in the not too distant future. I expect that we will see a powerful move, either up or down, that will help to confirm whether we have bottomed or not. Particularly, if we see a powerful rally back into the triangle and above the 50 EMA , that would practically be a perfect replication of the 2015 bottom. However, a powerful breakdown from here would be a stark deviation that would (in my mind) reduce the likelihood that we have bottomed.Let us not forget! This is still a bear market, with lower highs and lows on the chart! Do not lose focus. Not a person on Earth can prove with data that the bottom is in. We simply need to see more. However, the market is certainly flashing signs that the bottom is in; not only here, but on the weekly RSI , short interest, and elsewhere.Be smart, be nimble, and watch the data unfold. Good luck trading everyone!I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***-JD-