During the recent bear market BTC traded on Lower Highs before the final crash in November 2018. Those Lower Highs where contained below a Resisting Curve. There is always the possibility that this Curve will extend into the new Bull Market also providing Resistance.
The very same Resisting Curve was present during the 2014 - 2016 cycle.
Basically Bitcoin seems to be "attacking" those Lower High levels now, which act as resistances and may provide bull backs that I will buy. The current is within 5000 - 6000 now.
So now, what happened last time the price broke the Parabolic Accumulation Curve?
1. In November 2015 it broke it, extended to +155% and immediately was rejected back to the Accumulation Curve, testing its Support.
2. In June 2017 it broke it, extended +230% and was rejected to the top of the Accumulation Curve where it found Support and went on a new relentless rally to the 19700 All Time Highs.
If those patterns are repeated this is how the present situation may look like before the rally continues:
Which ever scenario prevails one thing is for sure. BTC is back to its extreme behavior on a logarithmic scale and those who bought near the 3150 bottom, against the popular (then) sentiment, don't regret it. The signs for buying in the 3000 region where too many:
One of those were the resemblences with Gold's bottom pattern. The perfect long term BUY SIGNAL given back in February. See how beautifully it follows the arrow, as Gold did:
The Golden Cross again with references to Gold . Fairly obvious too:
The Inverse was another one:
... and so was the first month after the bottom:
The question you should be asking yourselves is this: "Am I willing to miss the chance again?". The new bull market has started, still has enormous possibilities and new Highs to make:
What do you think? Are we still too early in the new bull cycle? Is this still a very low price to but Bitcoin? As usual let me know in the comments section!!
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In the golden days of Bitcoin so far, the king of all digital currencies could achieve to grow from $5400 on November 06,2017 to its all time high $19891 on December 17,2017. As we all remember the time was fully powered by by not only technical analytics but also FOMO based fundamental analysis results. From a technical analysis perspective it is obvious that Bitcoin not only will show a dramatic bull run but we think it will be the leading trading median for the near future in which the world will be based. This "Near Future" duration can't be predicted perfectly but it can be said it is in less than 5 to 10 years that Bitcoin will be a median for the world economy.
To make this post short lets just jump to see what the current situation of Bitcoin's market trend is and lets see what scenario's can be expected next. In the weekly chart on Bitfinex, we can see that Bitcoin already broke the created falling wedge on the beginning of February 2019. After that a little side ways consolidation move takes place and here we are at the verge of a bull run after all. But the main question is will this bull run is going to be achieved in less than 2 month period of time to its ATH like its golden times or are we going to see yet another corrective move. We believe there will be a correction of 3 wave pull back and there we go, we hope we gone have the long waited BTC strong bull run heading to the points where big names like McAfee predicited.. An Elliott wave creation is already on the way and breaks the first resistance line around $7038 by the last 2 days and it seems it is going to start its 2nd wave pulling back to the area between $5900 and $6500 depending the strength of the bulls and main stream media outlets. By this we are expecting Bitcoin to correct and once again to try the next resistance level at around $9480 in the mid term.
RSI : Over bought at around 76 for now.
Both EMA(50) and EMA(89) are both below the price which can be considered a good indication to confirm that we are in a bull run.
Volume is amazingly increasing specially by this week and if it continues like this it might also be a good reason to repeat the last quarter of 2017's history.
-So our conclusion on the trading of Bitcoin is more of pro Bull run and we forecast a creation of an Elliott wave in the mid term. If you are in a position that you are not having Bitcoins try to convert your alts to Bitcoin when it started its correction.
-If you are holding Bitcoins for now keep your stop loss on the area of $6950 and re-enter the market on the reversal bull run after the 2nd wave creation.
And our conclusion at all is Bitcoin is on a trend that is going to show us some drama.