October first, 2013. What happened on that day? Lets take a look:
2013:
Now:
That was the day the correction of 2013 ended with an upwards move in December creating a head and shoulders pattern.
Some people are calling this year a "correction. All though exactly 5 years before a simmilar setup is emerging, we are in a bear market cycle, not a correction.
In 2013 there was a a market structure test by flash dumping to $65 a few times and then a very brief consolidation period after the bottom was set. In 2018 there was market structure testing by every move up finally ending back at the "bottom" of $5800 followed by a short squeeze (which is not specifically caused by "whales", its just the market is naturally not ready to break the bottom yet). We are still below the long term moving averages and this recent squeeze stopped JUST at the 100 day MA.
Upon looking into it further with Fibonacci retracement tool, we can see that just like every other upmove from the bottom, we test .5 and then later (sometimes) test .618.
The reason I chose October 1 (plus or minus 3 days) was that was a historically date in Bitcoin when the 2013 correction in Bull flag patterm started the rally completing the head and shoulders pattern. However I do nbot believe history will repeat bullish this time as we have less than one week when the 500 and 200 day moving average cross (last time the price was above both those MA's as support, this time is resistance).
Good luck traders.
2013:
That was the day the correction of 2013 ended with an upwards move in December creating a head and shoulders pattern.
Some people are calling this year a "correction. All though exactly 5 years before a simmilar setup is emerging, we are in a bear market cycle, not a correction.
In 2013 there was a a market structure test by flash dumping to $65 a few times and then a very brief consolidation period after the bottom was set. In 2018 there was market structure testing by every move up finally ending back at the "bottom" of $5800 followed by a short squeeze (which is not specifically caused by "whales", its just the market is naturally not ready to break the bottom yet). We are still below the long term moving averages and this recent squeeze stopped JUST at the 100 day MA.
Upon looking into it further with Fibonacci retracement tool, we can see that just like every other upmove from the bottom, we test .5 and then later (sometimes) test .618.
The reason I chose October 1 (plus or minus 3 days) was that was a historically date in Bitcoin when the 2013 correction in Bull flag patterm started the rally completing the head and shoulders pattern. However I do nbot believe history will repeat bullish this time as we have less than one week when the 500 and 200 day moving average cross (last time the price was above both those MA's as support, this time is resistance).
Good luck traders.
Comment:
Sorry for my English, Americans. I know it's pretty bad from my one American friend who read this. I don't want you to discredit my prediction for that.