Hey everyone, I would like to thank anyone who stumbles upon this idea and leaves any type of feedback for this is my first chart I'm ever publishing and one of the first I ever drew. I'm going to try and make sense as to what I've gathered from the trading view community and my own thoughts of whats going on. I've noticed people showing ever since the crash that the waves we've been seeing has been forming a descending triangle to show a continuation of bearish movement. I'm not quite sure where people gather that from when we'd have to be constantly be making lower lows in the market to make this formation. But it seems to me that we hit a hard bottom at $5700 back in late June. There seems to be huge support between the $5700-$6100 level.
In the recent two waves it looks as that we've seen somewhat of a trend reversal compared to the last 9 months. What I drew out includes a high and tight flag of the overall bull markets. I don't see a lot of people do it this way so I thought it would be interesting to share. High and tight flags are most commonly used when we see a huge rise in price in a short period of time with high volume. From the 2013-2014 bull we see how the market reacts towards the end of the high and tight flag which is a breakout on the top and then a quick spike down through the floor to really show a buy opportunity. I drew out a high and tight flag from the current market we are in and it seems as if we are approaching near the end of the flag. I have a good feeling we will see some similar movement as to the market back from 2013-2014. The drop we'll see is probably going to be between the $4000-$5000 range.
With the recent spiking I have seen in the past two days with bitcoin running up towards $6600 I think there's a decent possibility would could break out the top of the triangle for some nice action, but the bears will use such a scenario as an advantage to really hit rock bottom. I think this is how BTC will close out for the year but we'll start seeing a build upwards in 2019 and see some good spiking in 2020. The blue line I drew indicates from previous all time high to reaching that all time high again. When bitcoin hit around the $1200 range back in early 2017 it really began to gain momentum and explode beyond that point.
I believe we'll be something similar to this as well back to $20k. The people in the crypto space have totally changed and I feel the people in the market is way larger than what we saw in the previous market so I don't think we'll be seeing nearly as close to as long as a process to recover back to $20k. The current high and tight flag seems to be smaller in comparison to the previous high and tight flag so I think its fair to say price movement will be quicker because of this. I don't know if we'll see a spike in the next bull run as high as $130k but we could with what type of growth we saw late 2017 into 2018. It's hard to see and say what and where we are going next but I'm starting to move into a more bull state of mind because even though we can break lower the price of BTC right now is very good and lots of money can still be made at the current price point and I feel current price looks incredibly appealing to most investors even though people are anticipating a break lower. I hope you guys enjoyed my first and hopefully it wasn't too horrible. This is very opinionated more than technical analysis, but I wanted to bring something like this to help people who are maybe on my level of thought process. Good luck and happy trading!