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gz1968
Oct 26, 2021 3:12 PM

Compare 2011-2013 and 2013-2021 Long

Bitcoin / U.S. dollarBitstamp

Description

I checked the box "Fib levels based on log scale" in my fibonacci tool.
Then compared the 2011-2013 to 2013-2021 sections with the fibonacci tool. When stretched out, they are very similar.
I discovered that in 2013 and in 2021, just before the dip, both reached 1.618 fibonacci.
Additionally, in 2013, BTC topped out in the 1.786 to 1.886 range. Which could be considered a bull trap.

So, will there be another bull trap, for what many consider the last wave 5 of this Elliott wave?
For 2021, I list the fibonacci values below, as they are hard to see on the chart. I would keep an eye out for the 1.786 to 1.886 range for such a bull trap.
I threw 1.707 in there too.

1.886 (100,000)
1.786 (83,000)
1.707 (72,000)
1.618 (61,000) - BTC reached $64,900

This is a close up of the 2013 dip.

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Comments
graphbullS
Nice idea. Thank you
ichoponions
This will catch majority of the ppl off guard which makes me think its likely especially with how the volume and buy pressure is looking to me
Afterbite
bull trap entails lower high. not breaking ATH
gz1968
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