jimdude

Analysis of the 2017 Bitcoin price action nearing the 2013 ATH

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
An analysis of the 2017 Bitcoin price action as it approached the 2013 ATH
Comment: Anyone who is attempting to trade this wild and stormy sea might find this analysis I have published useful.

While it might feel unpredictable these seas are not entirely uncharted.

This chart shows the time in 2017 when we were at precisely the same part of the Bitcoin market cycle - in it the price is just approaching the ATH set 4 years previously in the bull market of 2013 just as we did 2 days ago.

The news events seem to arrive with impeccable timing - within hours of a test of the ATH in 2017 after 3 years of slowly working towards the line.

This time is no different. When the price was hours or even, seemingly minutes away from reaching the 2017 ATH, a very predictably timed news event miraculously appeared all over the mainstream feeds about new draconian, (but also, I might add, impossible to fully implement) new regulations coming from the US.

This is shaping up to be one of those “you show me the charts, and I’ll tell you the news” moments where the news is packaged up to create as much hysteria as possible in a market who’s over reactions to the most inane non-events can equal that of a stereotypical hysterical pantomime dame!

Anyway, compare the 2017 retest and rejection all the way to where we had confirmed resistance and it may provide a useful guide through some of what is going to come as we seek to break up to the summit and then find support at the old ATH resistance line.

Then, and only then, it’s time to pack those bags!
Comment: Here is a chart of the current price action with the 2017 fractal pattern for comparison.