On the left is our $266 high in 2013, on the right is our current volatile drop to $166 flipped upside down. A month ago I made a thread about how I believed we were in the middle of a shorting\bearish bubble, posted here:
And today, with our 20\20 retrospect goggles on, we can see that having formed out in the charts. These moves are partly harmonic\fractal because of the nature of markets to find a equilibrium, but I believe it shows the bubble cycle mentality that is so common in Bitcoin. In the past, the only way to participate in the price action was to buy. There was no ability to short on any exchange until basically 2014, where we saw the advent of the bear market. This means that the bears, like the bulls, need to have their chance at the extremely volatile, bubble-like nature of Bitcoin, and undergo a shorting bubble just like the bulls had a longing bubble.
I threw the ascending wedge pattern in there for shits and giggles, but I honestly do not know where this consolidation pattern will lead us (as my related idea below shows). I just find it fascinating how Bitcoin loves to repeat it's patterns; it loves it's fractals.
I used the April 2013 bubble because it fit the shape I was looking for more in form than the Nov 2013 one did where we twin-topped (inb4 accusations of form-fitting). If you scroll to Nov on the left chart then you can see what I am talking about, I added a few of my markings for comparison.
Let me know what you think! I'm liking the historical analysis "series" I've been doing, for some reason I keep finding these things. Like, comment, and follow!