Here is another comparison of 2018 vs 2014 charts in view of log resistance breakout that happened back in 2014 but later it went back into bear trend. Here are some important points to be considered
* In 2018 Bitcoin broke out of log resistance on April 20 after hitting a bottom of just under $6k, whole crypto world went berserk on a potential trend reversal.
Wait wait wait.... same happened back in 2014 too, was that really a trend reversal ?
No!
Soon after that Bitcoin went back into bear mode and exactly in 50 days it dropped below log resistance(now turned support) trend line in a sharp brutal but quick drop! Bitcoin toyed with log resistance/support line for next 7 days and then started recovering slowly. Bouncing off that log resistance line now turned support Bitcoin took approximate 49 days to go back to the highs of previous log resistance breakout......... and never looked back!!!
Please note that Bitcoins bottom before the log resistance breakout and after break down below it later was almost horizontal, so fair to say it help horizontal support line!
So.
What is happening in 2018 in light of above correlation?
In 2018 too, soon after log resistance breakout on April 20 Bitcoin went back into bear mode!
Interesting!
Is it going to break down below log trend line ?
On June 13 Bitcoin nearly touch that log trend line at approx. $6100 but log resistance line now turned support gave it a strong bounce. And this happened exactly after 54 days from its breakout of log resistance.
Remember Bitcoin in 2014 broke below this trend line in 49 days, and Bitcoin in 2018 has avoided it in 54 days now.
What does that mean?
Scenario #1:
It means there is a good chance Bitcoin has seen its bottom, should go sideways before resuming uptrend again in next 50 days (back in mid $8k by mid August).
Scenario #2:
Bitcoin may still drop below that yellow trend line in next coming days/weeks but it would be a sharp drop to $5800 - $6000 not more than that. Should go sideways before resuming uptrend again in next 50 days.
Scenario #3:
Bitcoin may have more brutal but quick and sharp drop to $5k in next few weeks but it would soon be back above $6k , should go sideways before resuming uptrend again in next 50 days.
Good news!!!
In either case, I don't see it dropping below $5k. $Bitcoin would be back on track (slowly rising) in next 2-3 months.
Super good news!!!
That also means September may see crazy altcoin pumps, so keep filling your bags while alts are cheap as dust.
Cheers!
* In 2018 Bitcoin broke out of log resistance on April 20 after hitting a bottom of just under $6k, whole crypto world went berserk on a potential trend reversal.
Wait wait wait.... same happened back in 2014 too, was that really a trend reversal ?
No!
Soon after that Bitcoin went back into bear mode and exactly in 50 days it dropped below log resistance(now turned support) trend line in a sharp brutal but quick drop! Bitcoin toyed with log resistance/support line for next 7 days and then started recovering slowly. Bouncing off that log resistance line now turned support Bitcoin took approximate 49 days to go back to the highs of previous log resistance breakout......... and never looked back!!!
Please note that Bitcoins bottom before the log resistance breakout and after break down below it later was almost horizontal, so fair to say it help horizontal support line!
So.
What is happening in 2018 in light of above correlation?
In 2018 too, soon after log resistance breakout on April 20 Bitcoin went back into bear mode!
Interesting!
Is it going to break down below log trend line ?
On June 13 Bitcoin nearly touch that log trend line at approx. $6100 but log resistance line now turned support gave it a strong bounce. And this happened exactly after 54 days from its breakout of log resistance.
Remember Bitcoin in 2014 broke below this trend line in 49 days, and Bitcoin in 2018 has avoided it in 54 days now.
What does that mean?
Scenario #1:
It means there is a good chance Bitcoin has seen its bottom, should go sideways before resuming uptrend again in next 50 days (back in mid $8k by mid August).
Scenario #2:
Bitcoin may still drop below that yellow trend line in next coming days/weeks but it would be a sharp drop to $5800 - $6000 not more than that. Should go sideways before resuming uptrend again in next 50 days.
Scenario #3:
Bitcoin may have more brutal but quick and sharp drop to $5k in next few weeks but it would soon be back above $6k , should go sideways before resuming uptrend again in next 50 days.
Good news!!!
In either case, I don't see it dropping below $5k. $Bitcoin would be back on track (slowly rising) in next 2-3 months.
Super good news!!!
That also means September may see crazy altcoin pumps, so keep filling your bags while alts are cheap as dust.
Cheers!
Trade active:
pbs.twimg.com/media/...0WUwAAFG9x.jpg:large
Total Market Cap 2018 vs 2014. Clear indication #mcap dropping below support line ( black) and can't see it breaking out of resistance line (red) anytime soon. $BTC must drop below Feb 06 low of $5800 ($5k) ( and $ALTS too ) before going sideways and resuming uptrend eventually.
Total Market Cap 2018 vs 2014. Clear indication #mcap dropping below support line ( black) and can't see it breaking out of resistance line (red) anytime soon. $BTC must drop below Feb 06 low of $5800 ($5k) ( and $ALTS too ) before going sideways and resuming uptrend eventually.
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People who love comparing 2018 Bitcoin crash with 2014, have a look at this updated chart.
I agree Bitcoin is following 2014 chart but I see all positive.
According to what I see Bitcoin has bottomed and reversed and latest indication is a close above 128 D Moving Average.
People who are claiming another BTC crash are forgetting that in 2014 Bitcoin crashed below log trend line (after breaking log resistance in the first place) in an event of a flash crash.
BTC came closer to that in 2018 as well and avoided a flash crash and log trend line acted as strong support.
I don't see a reason now for BTC to go back and drop below that trend line again.
Look closely at 2014 zoomed chart, imagine if there was no flash crashed in August 2015 , price would bounce off log trend line exactly same way as it did in 2018.
Even did it drop below trend line in 2014, it was flash crash and Bitcoin was able to close above it very quickly.
So cheer up bulls, Bitcoin has probably reversed already - though we need more confirmations and most importantly a close above $10k
I agree Bitcoin is following 2014 chart but I see all positive.
According to what I see Bitcoin has bottomed and reversed and latest indication is a close above 128 D Moving Average.
People who are claiming another BTC crash are forgetting that in 2014 Bitcoin crashed below log trend line (after breaking log resistance in the first place) in an event of a flash crash.
BTC came closer to that in 2018 as well and avoided a flash crash and log trend line acted as strong support.
I don't see a reason now for BTC to go back and drop below that trend line again.
Look closely at 2014 zoomed chart, imagine if there was no flash crashed in August 2015 , price would bounce off log trend line exactly same way as it did in 2018.
Even did it drop below trend line in 2014, it was flash crash and Bitcoin was able to close above it very quickly.
So cheer up bulls, Bitcoin has probably reversed already - though we need more confirmations and most importantly a close above $10k
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Guys look at this..................!
We got rejected from that horizontal blue line which I believe is the point which would confirm long term bull reversal.
Look at both 2014 and 2018 charts and you would know what I mean.
Exactly same happened in 2014.
We got rejected from that horizontal blue line which I believe is the point which would confirm long term bull reversal.
Look at both 2014 and 2018 charts and you would know what I mean.
Exactly same happened in 2014.
Comment:
Going by Fib It can retrace to 38.2 which would mean a retest of $6800 - $7000 which is what happened in 2014 too but as per above chart $BTC should rebound from there and start upwards journey for a long term bull reversal.