The small bitcoin bubble of early 2017

Does this chart look familiar? its because this same pattern is repeating right now since bitcoin topped 20k. the fib ratios line up quite nicely and they look pretty much the same from a visual standpoint. This specific pattern has repeated before already as well if you search even further back into the chart.

Was bitcoin in a bubble? yes most defenetly. But historically, all modern bubbles have been followed up by tremendous growth and for this instance to be an exception would be highly unlikely.

Chances are the all time high of bitcoin has probably not been reached. For now we have to focus on making some extra btc so well try and use this fib ratios to make some profit.

Comment:

Essentially what were looking at is a smaller version of the fractal the market is experiencing right now. A strong tell is the particular ratios of the top: Run up to all time high, then a fast retreat to around 50% fib making a double bottom bull trap. Second high around 79%. then down to maximum low marking fib range with a recovery back to 50%.

Check out the linked chart below showing BTC current chart and how this proves that the true bottom has been reached.