BTC Big Picture

Here is something interesting on the monthly chart
Each Bull cycle the Bitcoin price was supported by an ascending trendline.

The trendlines 1, 2 and 3 are the trendlines that supported the market

Look at how we broke exponential off the trendline every time, went back to it and broke down. The prior two times we could not get above the trendline that kicked off the Bull market. And this time it shouldn’t have had to be different. It was reasonable to expect that this Bull cycle would have its own trendline. Also notice how with each cycle the trendline becomes less and less steep. So the fourth one should be the least steep, which would mean a much slower Bull market.

But this time it did turn out to be different, because after breaking down the trend line 3 we accumulated below it, turned back to test it and broke above it. This is something that never happened before. We never reclaimed the trendline that supported the previous Bull market. Up until this time. It means that this time around we are dealing with something extraordinary.

So, according to this information, now we have an enormous support (~ 8600 for August). If we fall below the trendline, we are supposed to bounce off of it by the end of the month.

In other words, we can handle a fall as low as 8600 this month or even lower (seemingly breaking down the trend line 3 again), but the way we tested the trend line 3 with a wick in June & the fact that this particular trend line was very relevant during the previous bull run add credence to it.
So, going below this trend line on a closing basis is unlikely and will be extremely bearish.

Something worth thinking about:

We have already mentioned that this time the market behaves extraordinary. It’s clearly not imitating the last cycle (high of $1150 in late 2013 - the low low of $165 in 2015 - the new high of 20k in 2017), which everyone tends to compare to.

The current Bull run feels more like 2012 - early 2013 Bull run.

Look at the 2012 BTC action. We started with a very compressed accumulation band unlike the really long period of accumulation that happened in 2015. The 2019 up move resembles the 2012-2013 action much more then something from 2015-2016.

One more thing: We started an uptrend long before the third halving. Much earlier than previous two times. Does it means that we are going to skyrocket like never before?

So, what are your thoughts on this?
Are we going to resemble the structure of 2012-2013 market? Will we break All-Time High before the Halving?

Please, give us your opinion in the comments!



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The information given is never financial advice. Always do your own research.