Using the fork channel tool and counting the major highs and lows I've put together this chart that may indicate where we are in the market cycle for BTC by comparing our current structure to the 2014 bear market cycle. I would note, the 2014 bear market was caused by major security threat FUD, while our current cycle is price adjustment, so one may assume our current cycle is more bullish and less likely to have multiple flash crashes but instead push the boundaries on how low it can go with out creating drastic new lows.
The chart really explains itself. Match each drawing tool to the 2014 cycle and you'll see that Sept 19th was the turning point back in 2015 and the patterns are eerily similar to our current cycle. Happy trading! I'm going long :)
Appears BTC has tapped its favorite trendline again. Possible hold on this line? If so, we can see where this chart is going!
Poukitoun
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Same here, and if we happen to go lower I have some cash reserves to get more :)
roaken
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@Poukitoun, That's the right play. i was looking over this graph again now, still looks on track, but I noticed our point 5 isn't that low compared to last bear cycle. AKA big drop could still be possible. That's trading for you, hope for the best, prepare for the worst