Over the past few days, I watched the entire history of Bitcoin on different chart timeframes and saw something worthwhile to share with the world trading community.
I hope you'll appreciate my diligence with your likes and comments below the chart.
So let's go!
The first thing I want to show is the first movement of Bitcoin starting from $ 2.3 per coin to $ 1100.
I decided to copy this price movement and put a shadow on the last bull run, which started in 2015.
And I was amazed when I saw that the peak of the shadow coincides with the peak of December 2017.
In the next step, I decided to look at the corrections and was surprised even more when each high and low peaks coincided too. Besides, the area of BTCUSD basing is very similar to this situation at this moment.
If we'll pay attention to the Fibonacci levels we see two prices marked in the yellow box. They're the 61.8% Fibonacci level as well as it's the strongest support of all-time, and this can happen without any reason. If it happens it'll be very fast.
To complement this analysis, today we've got the 12 June, and as I said in previous posts: on the 11-13ths of each month, very large movements are taking place in this chart.
Honest question, did you get this idea from Blockchain backer on YT?
davidred
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@FreeWithXRP he did
Chef-Zef
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Bitcoin has never gone thru a real world depression/ recession yet. All markets are connected and until bitcoin can decouple from major indices/markets, we will see the trend of bitcoin continue to follow the market trends.
patrickfx
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Hahah
TehranCrypto
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I think no one likes to buy bitcoin at above 20K$, it's a game between buyers and sellers. as soon as bitcoin reach 15K or 20K, we would see a horrible fall again.
Ky8
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@TehranCrypto, I've heard this question somewhere in 2015. Why would anyone buy bitcoin for 10k? It's silly, no one needs it for such a big price an so on. And of course there was a lot of "It will go to zero, back to 30$ and lower". Haha, that's so funny! History repeats :-)
ripple10usd
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We have already passed that crashed
We
ceesounds
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@ripple10usd, I agree. The volume is the key as you point out. We got more volume while capitulating to the a higher low than we did to the low itself. That second capitulation was absolutely devastating.