Going back to July 2018, where Bitcoin had risen to a high of 8400 and dumped briefly only for the bulls to regain control of the downwards past it strikingly similar to today's current pattern.
Before both of these events, we dropped significantly.
In July we fell from 10,000 all the way to 5800, almost half of its value. In November 2018, we fall from 6250, all the way to 3500, again almost half.
The culmination of bitcoin in both instances proved to be the deciding factor
In July 2018 the price surged to 8400 (only about 50%), while in May 2019 the bulls were much stronger, leading to a 120% increase.
Both moves are parabolic, but its whats happens at the top for each of the bull runs which is the most interesting to me and almost identical so far.
In July 2018 we corrected by 10%, in May 2019 we corrected by 25% (given we had a 50% increase for 2018 and a 120% increase for 2019 for both runs, this seems about right)
Then comes the fast pull back to the previous high (creating the W pattern on the 4hr) and again consolidation at the top, unable to break through. Comparing both patterns side by side, its quiet obvious that there are similarities, but whether this bull run will play out like the rise to 8400 in 2018 is something I'll be keeping a close eye on.
Over and out
Before both of these events, we dropped significantly.
In July we fell from 10,000 all the way to 5800, almost half of its value. In November 2018, we fall from 6250, all the way to 3500, again almost half.
The culmination of bitcoin in both instances proved to be the deciding factor
In July 2018 the price surged to 8400 (only about 50%), while in May 2019 the bulls were much stronger, leading to a 120% increase.
Both moves are parabolic, but its whats happens at the top for each of the bull runs which is the most interesting to me and almost identical so far.
In July 2018 we corrected by 10%, in May 2019 we corrected by 25% (given we had a 50% increase for 2018 and a 120% increase for 2019 for both runs, this seems about right)
Then comes the fast pull back to the previous high (creating the W pattern on the 4hr) and again consolidation at the top, unable to break through. Comparing both patterns side by side, its quiet obvious that there are similarities, but whether this bull run will play out like the rise to 8400 in 2018 is something I'll be keeping a close eye on.
Over and out