THIS IS NOT THE END OF THE BITCOIN BULL RUN! Key Fractal Pattern
Hello! Hello! Hello! It has been a while my fellow traders. I do hope everyone is doing well in these tough times. Isolation is hard, lack of connection is hard, love is faint. Hang in there and be in the present. Your emotions will not get to you that way (which is easier said than done). If anyone needs a chat, feel free to message me anytime. We should all be here for each other.
Anyway, whilst I was looking for questions on whether Bitcoin has found resistance at this supply zone or whether it will breakthrough and continue, I was scrolling through the Bitcoin charts to scan for any fractal patterns we might observe for a clue. It seems as though we have a very similar fractal pattern present on the first Elliot wave cycle of the 2017 Bitcoin bull run.
The strange thing about Bitcoin this Bull Run is the odd peak. We have for the first time a solid Wyckoff Distribution Pattern. Although we usually only see this 'ranging market' peak on first and second Elliot Wave cycles with the fifth exhausting it's bullish momentum. Could this be the diminishing strength of return (as price increases, percentage variation decreases), or could this just be the first impulse in our bull run.
If this is to be the case, we might see Bitcoin reaching our 100K this year and potentially 200K next year. As the bull runs go on, the time taken per run increases as well. With exponential interest growing in Bitcoin as consideration of it as a replacement to Gold (quick note: with gold being able to be synthetically manufactured and multi-planetary exploration incoming, Gold will not be a stable asset in the forthcoming years. I see Bitcoin overpowering it's value. Gold is also centralised), these numbers are not impossible.
~ I always say to trade objectively, but we all have a bit of hope for Bitcoin, don't we?
Love, peace, Seb.
Anyway, whilst I was looking for questions on whether Bitcoin has found resistance at this supply zone or whether it will breakthrough and continue, I was scrolling through the Bitcoin charts to scan for any fractal patterns we might observe for a clue. It seems as though we have a very similar fractal pattern present on the first Elliot wave cycle of the 2017 Bitcoin bull run.
The strange thing about Bitcoin this Bull Run is the odd peak. We have for the first time a solid Wyckoff Distribution Pattern. Although we usually only see this 'ranging market' peak on first and second Elliot Wave cycles with the fifth exhausting it's bullish momentum. Could this be the diminishing strength of return (as price increases, percentage variation decreases), or could this just be the first impulse in our bull run.
If this is to be the case, we might see Bitcoin reaching our 100K this year and potentially 200K next year. As the bull runs go on, the time taken per run increases as well. With exponential interest growing in Bitcoin as consideration of it as a replacement to Gold (quick note: with gold being able to be synthetically manufactured and multi-planetary exploration incoming, Gold will not be a stable asset in the forthcoming years. I see Bitcoin overpowering it's value. Gold is also centralised), these numbers are not impossible.
~ I always say to trade objectively, but we all have a bit of hope for Bitcoin, don't we?
Love, peace, Seb.
Comment:
Given our lack of volume today, we will not be putting any long positions in. Will keep you posted.
Comment:
Guess I may be correct about this one.
