BillCharison
Long

$BITCOIN - You See Everything by Your Own

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Let's start. We have two charts: $BTCUSD on the left side, $BTCUSD on the right side. You might or might not know it, $BTC really likes to draw the same patterns or combinations of patterns on both, small and big time frames. On the left side there is a 2017 bull-run, while the right side shows nowadays.

First of all, let's consider colored patterns. We have three correctional phases, then a down-trend from the ATH , then a smaller triangle with the flat bottom (support) and the continuation of the dump. Then, the price has formed a triangle with the flat resistance ( bullish pattern ). We could finish there, BUT there is one difference, which is a crossroads of the continuation of these "fractals".

I hope you've already noticed that on the right side there is forming a bullish pattern - Double Top. This pattern indicates the next high at the $15000 level, the local ATH is located at the same $15000 level. On the left side we have the first ATH at the $19000 level, but the second local ATH was located at the $15000.

I can explain this difference by the fact that in December 2017 the price was pumping insanely, everyone expected ATH at $15000 or $17000, but not at $19000. Thus, previous ATH was formed “by accident”, unlike the current ATH ($15000) which is adequate.

No matter how strange this sounds, but I don't mean that the price should simply go down after the formation of a Double Top . If we take a look at the chart more globally, we would notice that the price is forming another large Triangle with the flat resistance and ascending bottom, which means that the price will break through the $15000 level and will form the same Double Top in the $19000 zone. This pattern, in its turn, will form another triangle with flat resistance on the weekly chart and then the charts will be completely identical.



Now we need to take a look at the ascending support of the triangle, the one is mentioned by the number "4", this is the best place for buying Bitcoin now. By the way, hope you've already noticed that RSI is very similar as well.
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Why does one chart use 1 week and the other uses 2 day??? please help me understand
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nope
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Thanks for sharing. Great positive chart. I see a huge sell wall too!
+1 Reply
Great post and technical analysis. Thanks !
+1 Reply
I concur:
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Thanks for the post. I believe we just need to be calm and have actions prepared for multiple possibilities. Not one!
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fkin bitcoin messing up all the market
+2 Reply
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