BITCOIN The importance of Fibonacci. Consolidation before ATH?

Many try to explain why Bitcoin has been trading sideways for nearly 3 months stuck between 9100 and 13900. The answer may be simpler than we would expect.

Drawing the Fibonacci retracement levels from the December 2017 market top to the December 2018 market bottom we can clearly see that the current consolidation is taking place within the 0.382 - 0.618 Fibonacci zone. If you wonder why this is happening, allow me to show you that it is not the first time BTC behaves like that in a Bull Market:


As you see above a similar consolidation within the 0.382 - 0.618 Fibonacci levels took place in the previous Bull Cycle. Similarly to today, the price was breaking Lower High after Lower High on 1W only to find its Resistance on the 0.618 Fibonacci and on the next candle the Support on the 0.382 level. It consolidated within this range for 180 days and then needed another 60 to break above the All Time Highs. Notice that it had another strong rejection in between when it first attempted to break the All Time Highs.

Can this be a guide this time? Well of course no one knows for sure and it is not necessary for patterns to be repeated. But Bitcoin has shown that it respects its historic values and patterns and currently by consolidating within the 0.382 - 0.618 Fibonacci zone it is doing exactly that.

Let's see if the full 180 consolidation period is fulfilled and more importantly if it can make new All Time Highs next.

But your opinion is what matters to me the most, so what do you think? Is this comparison reliable for us moving forward? Are we that close to breaking the All Time Highs? Let me know in the comments section!