I am a novice trader so dont think this is professional TA. I just found a few similarities between the July 2019 Price increase and the recent one I would like to share and I'm looking for feedback on it.
There are some obvious differences between the two fractals in the reaction to the initial 50% price drop. 2019 did not bounce back so quickly, where 2020 did. The similarities i see here are not in the price movements but the pulse or heart beat of the market/waves. They are similar movements leading into the big bull moves upwards (Blue line). After the blue line the similarities are more clear, They also react similar with the 21 moving average through the 1st and 2nd corrections (1st correction orange boxes, second correction green circle) and finaly the top (white triangle). The triangle tops do have different angles but seem to react similar.
The Green projected Line has absolutely no target or math behind the projected top. Just copied an pasted. 200k BTC at the end of this cycle seems a bit too optimistic but i would not be complaining if it got there.
The main thing I take away from this is perhaps BTC is not going to go up or down from here.... More that it will be range bound between 50-60k and go sideways before carrying on with the remainder of the market.
Sorry I dont have more detail on each movement and explanation on the chart. This was a bit rushed and i gotta head off.
:)
There are some obvious differences between the two fractals in the reaction to the initial 50% price drop. 2019 did not bounce back so quickly, where 2020 did. The similarities i see here are not in the price movements but the pulse or heart beat of the market/waves. They are similar movements leading into the big bull moves upwards (Blue line). After the blue line the similarities are more clear, They also react similar with the 21 moving average through the 1st and 2nd corrections (1st correction orange boxes, second correction green circle) and finaly the top (white triangle). The triangle tops do have different angles but seem to react similar.
The Green projected Line has absolutely no target or math behind the projected top. Just copied an pasted. 200k BTC at the end of this cycle seems a bit too optimistic but i would not be complaining if it got there.
The main thing I take away from this is perhaps BTC is not going to go up or down from here.... More that it will be range bound between 50-60k and go sideways before carrying on with the remainder of the market.
Sorry I dont have more detail on each movement and explanation on the chart. This was a bit rushed and i gotta head off.
:)