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Double-Edge-Trader
Jan 29, 2021 11:18 PM

Bitcoin Monthly Pattern repeating?! Short

Bitcoin / DollarBitfinex

Description

Still awaiting for this Monthly candle close in a few days, In the meantime, I have highlighted the pattern before the huge crypto dump in 2018 and you can see it is almost identical to the pattern formed on the monthly chart over the last few months. In 2018, We had a huge hysteria kick in and everyone thought BTC was going to a 1M but then we had a bearish monthly pin, a 50% retracement and all the way back down to the 4k region. After a parabolic rise, the drop is pretty sharp and steep. We are living in different times with regards crypto but the market cycles do tend to repeat themselves. Interesting times
Comments
shyam2015
send it down
jamesaphoenix
Agreed. Thinking that a 50% retracement is needed before we go up again.
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