Great news for Bitcoin bulls as the Gaussian Channel has entered into green territory for the first time in 270 days.
During the previous Bull Cycle this event took place in January 2016 and was accompanied by the new bottom ($365), a price Bitcoin never saw again. What followed was a consolidation phase inside a Triangle pattern and on an Ichimoku squeeze a new aggressive rise started.
Can the same series of events replicate an identical price action? Technically yes as BTC tends to repeat its historical patterns. If that is the case this time also, then it is very possible that the new bottom is in and we will not be seeing $9000 again.
Was this 4-digit Bitcoin price a bargain? Let me know your thoughts in the comments section!!
I have lost count of the times when a TA says 'the bottom is in' and the price plummets well past the bottom.
It's the same old traps, over and over and over. Weird part is when the bottom is in for real, no one calls it.
@LeoKim, Blind optimism. It's the same charts that say Bitcoin is heading towards $20,000 without any shred of proof. Why is it going to $20,000? They never answer or the answer is usually "just because". There is no major adoption, no upgrades.. but its going there based on blind optimism. In fact, thats probably what pushes Bitcoin to new highs, is the hype of it going high so everyone wants to "get in before".
BradTrimas
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@BankofEngland, Chart history. Chart history of every halving shows us going to 20k.
CapitulationCalls
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@BankofEngland, lol check out my charts i have ecery path panned out for when the whales try to manipulate this thing the market could go any way at this point ~aug 28th will tell us everything.
kardia
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@LeoKim, the bottom is 3100. If we break that, then you can say the bottom isn't in. But if we break 3100, then I believe this market will be toast.
CapitulationCalls
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@kardia, i dont agree there is a gap at 1.5k that needs filled and eventually we will do that.
kardia
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@carsonfortson15, oh, the gap theory. That's another myth. There is no law which says history must repeat itself. Deal with current price action, not in what you hope will happen.
CapitulationCalls
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@kardia, I am creating the theorem of relativity to these movements, it'll hit those levels again just you wait and see.
It's the same old traps, over and over and over. Weird part is when the bottom is in for real, no one calls it.