Tastemaker
Short

Bitcoin Following Similar Path to Silver?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Here you can see the similarities between Bitcoin's parabola break and the multi-year rise and fall of Silver             from its all time high of $50 oz back in 2011 (see my related idea chart on Silver             linked below description), where the decline on both ultimately formed a large falling wedge to resolve (the red dotted lines on my charts). Silver             ended up resolving its wedge at a long term support line leading back to the early 2000's, then broke into a period of consolidation within a symmetrical triangle created from those long term supports and upper resistance lines stretching down from the peak. We can see how this might look if BTC             were to follow the same path.

Silver             only broke out of its wedge and began consolidation after tapping down on the .786 fibonacci retracement and its long term support line. Bitcoin             broke through the .618, but did not fully retrace down to the .786 fib, which would have it tap down around 4.8-5k. As you can see, BTC             has a long term support line that intersects the 78.6% fibonacci retracement in this area as well.

Coincidentally (or not), the 5k mark also lines up with an untapped shelf area that Bitcoin             never fully corrected back down to when it broke up through it originally.

A lot of things line up in this area for a possible bottom, should BTC             continue its decline further into the wedge .
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