These patterns look similar in the regards of we are also printing hidden bullish divergence at this same time, we are making the same sort of bull flag. But now it looks much much different because of the volume. Market participants now understand we could see much higher prices, they know Bitcoin is capable so we are not seeing the type of 'bubble burst fear' as last time. How is volume different? Look, when we hit the EQ of that channel back in 2017, we saw an increase in selling and volume increasing also, this is very bearish as interest in selling was increasing and not slowing down. This time now in 2019, we are seeing a rejection at the EQ also, but this time with decreasing price but ALSO decreasing volume, proving to me that interest in selling is wearing off, as I stated, market participants understand Bitcoin is capable now and there is very little reason to sell here. I would only be worried if I saw volume start increasing on larger time frames with price continuing to drop.
We can learn from the past a lot, as Bitcoin has repeated history, but treat every event uniquely as this is a new and unique time for Bitcoin as it starts to become a respected asset class and with the attention it has been getting and the development around in this space, I see no reason to see Bitcoin reverse trend now. I remain bullish, and will play it as we go. Hoping everyone stays safe out there and wish you guys luck.
We can learn from the past a lot, as Bitcoin has repeated history, but treat every event uniquely as this is a new and unique time for Bitcoin as it starts to become a respected asset class and with the attention it has been getting and the development around in this space, I see no reason to see Bitcoin reverse trend now. I remain bullish, and will play it as we go. Hoping everyone stays safe out there and wish you guys luck.
Trade active:
Look at how RSI is stronger now than the last two times we visited this area. Should be a great sign of strength.
