Will this structure repeat and start a big move to the upside?
Hello, everyone.
I’ve noticed this pattern that I’d like to share with you.
But first check out the the bigger picture chart of bitcoin history from 0, to get a sense of scale.
This is also an experimental use of Andrews pitchfork, but I think it works quite nice.
You can actually see some worrisome aspects in this chart, like the median line sitting ant 1k, which was tested after the first bull run to 20$. And the lower parallel being at 10$...
It’s always refreshing to see the bigger picture. To really flex your mind and what could happen with the price.
Though we can also see, that from january 2015 to march 2017 bitcoin has created this huge consolidation channel.
Which has acted as support in January 2019, though has now been breached and the price entered the consolidation zone again. The price bounced of the channel lower support line, ant stopped exactly at the channels upper line.
Now considering this has happened before. It seems the most probable way this will play out is the price will reach the median of the consolidation channel as it done back in 2016.
Therefore right now I’m buyer at 7.5k, but the price will need to adjusted higher with every passing week.
Feel free to comment, or share your ideas down below.
I’d love to have a discussion here.
I’ve noticed this pattern that I’d like to share with you.
But first check out the the bigger picture chart of bitcoin history from 0, to get a sense of scale.
This is also an experimental use of Andrews pitchfork, but I think it works quite nice.
You can actually see some worrisome aspects in this chart, like the median line sitting ant 1k, which was tested after the first bull run to 20$. And the lower parallel being at 10$...
It’s always refreshing to see the bigger picture. To really flex your mind and what could happen with the price.
Though we can also see, that from january 2015 to march 2017 bitcoin has created this huge consolidation channel.
Which has acted as support in January 2019, though has now been breached and the price entered the consolidation zone again. The price bounced of the channel lower support line, ant stopped exactly at the channels upper line.
Now considering this has happened before. It seems the most probable way this will play out is the price will reach the median of the consolidation channel as it done back in 2016.
Therefore right now I’m buyer at 7.5k, but the price will need to adjusted higher with every passing week.
Feel free to comment, or share your ideas down below.
I’d love to have a discussion here.
