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Deftsuo
Aug 21, 2019 11:05 PM

Is this 2014 fractal worth watching for Bitcoin? 

Bitcoin / U.S. dollarBitstamp

Description

Taking a look at the log scale of Bitcoin on a weekly chart, we can see the current PA eerily resembles that of 2014, as shown by the arrows. in 2014, price peaked around $1150 before retracing back down to the $350-400 range followed by a brief accumulation phase. Following that, price rocketed above the 20 week moving average, but failed to maintain upside momentum. Eventually, price lost the 20 week moving average as support, and ended up starting a new downtrend to new local lows around the $200 price range. Comparing that to the current price action, we can see a lot of similar signs; price peaked at 20k, retraced all the way down to 3k, followed by a brief accumulation phase, followed by a rocket above the 20 week MA. Now, we are stalling, similar to how we did in 2014. The question now becomes: will the 20 week MA hold as support and be the launching point for further continuation to the upside, or will it eventually break and be the start of a new downtrend to potentially new lows like we saw in 2014?

MA Guide (All Weekly for this chart):
20 MA in Purple.

-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.

-As a side note, if you would like to support a college kid and the TA I do, I accept BTC/ETH/LTC/USDC donations. Any and all donations are greatly appreciated and really do help me out! Thank you to all you who donate. :)

BTC: 3F13946JWfNskLDu2oi3FTRV65FV9yK7U8
ETH: 0xe032430f158966F4118af917b5F1e024949697bB
LTC: MVDbAhm2yoyCzeRnayMN61oZp75MZ5SZVj
USDC: 0x1F6d47a9330897d6043886d64738A2E255dd0b92

Comment

Comments
Nanonen04
We are in a fake news bull run.
In my opinion the real bottom will be around 1.2k to 2.5k
Bullandbeartrading
I like your bitcoin analysis !
andre4536
LOL..
MrMoneyMatrix
lmao...
jfs2152
In 2014 only people "in the know" were buying and selling bitcoin. Now, people that don't even know what bitcoin is are buying and selling. The trading space has grown significantly, which I think makes this outcome pretty unlikely. But in crypto I never say never lol.
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