For reference we have two charts we are going to be focusing on (use the two for comparison).
Chart #1: 2011-2014 (all time high $1160)
Chart #2: 2015-2017 (all time high $3000)
The analysis displayed in front of you is similar to my Siacoin prediction which was extremely successful (chart is shown below).
This is the reasoning behind the title "Rinse and Repeat x2".
Now back to the point, bitcoin ... As you can see from charts #1 and #2 they both follow a similar cycle, although, years apart.
Many would call this structure a parabolic curve, however, I prefer the lows touching the curve.
Both moves start of from low to high and finish on higher high 3 at their all time high, from there a double test of support can be seen on both charts.
I'm expecting a move to support around $1800 as my first target, from there I will update my analysis.
With August 1st around the corner it will be interesting to see the future direction.
As always thank you for your support!
Join my Telegram Channel: https://t.me/SixFigureCapital
Keep in mind a straight line on a logarithmic plot is an exponential line on a linear plot.
Now anyone looking at this can will at least have something else to base any conclusions from.
If you look at both charts after reaching the all time high, we moved from the all time high to low followed by a retracement then a further low at support.
Almost identical if you ask me, I hope this answered your question.