We all know that Bitcoin loves to coil itself up into triangle patterns and then EXPLODE on small time-frames.
Looks like Bitcoin can do it on the weekly chart as well.
Since May of 2017 Bitcoin has been coiling tighter and tighter into a symmetrical triangle pattern . The war between bears and bulls is coming to a head soon in a massive battle and I ask you my friend, who is going to win?
Who?
Let's weight the facts:
1. Bitcoin has been in a parabolic adoption curve that has NEVER been violated.
2. This adoption curve is 100% CLEAR to see and understand.
3. Bitcoin can do this and is doing this because it is a NEW TECHNOLOGY and every new technology has an ADOPTION CURVE that looks like an 'S'. It always begins with a small group of early adopters, then a new wave of early majority come in, then the late majority, then the laggards.
4. Right now you can see the knee of a giant parabola occurring. If this analysis is to hold up then we can't drop much more than 25% max and then bounce right back up. As far as I'm concerned this whole scenario is confirmed when the price hits $10,000USD again. Then it's an easy stroll to 14K then 20K and beyond.
5. We are in an absolutely MASSIVE symmetrical triangle pattern on the weekly chart. And a super obvious one at that, although I haven't seen or heard anyone else talk about it yet.
6. The downward selling pressure the price experienced in both the 2017 and 2019 bubble pops were 100% the result of Market Makers conducting business. It's their job to make the price go up and down to attract traders. Love em or hate em they're just a part of the market. Where do these bubbles "bubble up from" and "pop back down" to? The adoption curve. Always.
Who's going to win when the triangle breaks?
These are the contenders: Market Makers vs The Adoption Curve
The Market Maker:
How far can market makers drive down the price before they meet the staunchest of demand that acts as support? Well, in Bitcoin we have all these HODLR's big and small that just hang onto it and keep buying more. We have whales that come in and manipulate smaller traders in the market to their advantage. They make massive amounts of money but they keep even more massive amounts in crypto. The market makers have almost unlimited funds and they use it to fill their warehouses and then empty them out. My chart shows the exact areas of accumulation and distribution. They drive the price down as low as they can to "wholesale" levels and then drive the price back up to "retail" levels for distribution. They utilize price action coupled with the news of "new highs" or "lower lows" to ignite FEAR or GREED in people. We're complicit with them in creating these bubbles. They always bring the price back down to the mean, which in Bitcoin is the adoption curve.
The Bitcoin Adoption Curve:
This massive trend has held strong for 9 years straight with nary a single meaningful break of it. This is where market makers accumulate Bitcoin and fill their war
@Crypto-GT, I made that chart on Nov 25th and it's played out perfectly so far. It's possible the market insiders are gonna use the halving to create a lot of FOMO then sell into that buy pressure to make money while continuing to accumulate closer to the adoption curve until the price is driven to a new All Time High in Q4 2020 or Q1 2021.
@Crypto-GT, If the battle is between the Insiders and the Adoption Curve, I will bet on the Adoption Curve. Well, I did already. I went long in December each time it dipped into the 6K region. Profited HANDSOMELY because I gave the adoption curve the weight it deserves.