RagingRocketBull

Anatomy of a Bear Market: 2013 Bull Market's Correction

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
In the Anatomy of a Bear Market Series I compare 3 Bitcoin Bear markets using Daily Ichimoku and S/R: 2013, 2014 and 2018. Here's my take on 2013.

This was a bull market's correction with the following structure:
- no flat cloud bottoms, only flat tops => market wants to move up, there's more support than resistance
- shallow S1 and S2 supports => likely a healthy correction in an up trend
- there's no major S3 dip, only a small one. Major S3 is trend support
- there are only major R1, R2
- steeper trend line angle => likely an up trend
- a retest of the prev high with a successful breakout from an ascending triangle-like structure => up trend

This structure is somewhat different from the 2014 and 2018 Bear Markets (posted later), but still consists of the same elements just reshuffled.

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