Bitcoin: Blast from the Past... But the Future is Now!
Let me take a dive into price action today and how it has to do with 2014-2015 on a weekly chart.
My name is Coin Savvy and I like charts.
I really like Bitcoin too and have been involved ever since $2000 in May of 2017 and WOW let me tell you what a ride so far... let's get into this thing.
Let me show you a monthly chart of Bitcoin in 2015 with a 50 ema (red) and a 200 ema (blue) with price action:
If we take a look at the above chart you can see some date ranges as well as two yellow circles, let me explain.
1.) The first date range is from the top of the rally in Nov 2013 ($1200) to the bottom of the bear market in Jan 2015 ($150) after the rally. This lasted 413 days (a little over a year) .
2.) The second date range is from the bottom of the bear market in Jan 2015 ($150) to the local top in July 2015 ($300) before the bull rally to 20k in Dec 2018. This lasted 175 days (half a year)
3.) The next set of date ranges start at the top of the rally in Jan 2017 ($20,000) to the POSSIBLE bottom of the bear market in Dec 2018 ($3100) POSSIBLE POSSIBLE POSSIBLE!!!. This lasted 364 days (a year).
4.) The second set of those date ranges start at the POSSIBLE bottom of the bear market in Dec 2018 ($3100) to the POSSIBLE local top ($5600). This lasted 133 days (4 months)
5.) Those yellow circles, if you haven't already guessed it, is the confluence of 2015 and 2019. I have reason to believe that we are in a similar spot now compared to 2015, let me explain very simply:
Blast from the Past: If we look at the 50 (red) and the 200 (blue) EMA's, we can see that price action broke the 50 ema bearish in 2014 during its bear market and then tested it as resistance later in July 2015 ($300) then fell to test the 200 ema as support and held in Aug-Sept 2015 ($200) then price action tested and broke that same 50 ema bullish right after to start the bull market to 20k and never crossed below until the 2018-2019 bear market.
The Future is Now: If we look at the 50 (red) and the 200 (blue) EMA's, we can see that price action broke the 50 ema bearish in 2018 during its bear market and then tested it as resistance literally the past few weeks ($5200) and now we are at a standstill...
The question is, do we get a short squeeze to get us into the 6k-7k region (this will be caused by price action getting above $5350 and $5600 in the near future respectively in my opinion) or are we going to get a rejection from the 50 weekly ema like we did in 2015 to send us back down to the 200 ema around $4200 to test that as resistance then go ahead and break that 50 ema to send us to the next bull market or as others call it MOOOOOOOOONNNNNN
Nobody knows but this is a very interesting similarity and if the latter comes true and history repeats itself... wow... just wow.
So moral of the story is start saving some dollars to deploy into Bitcoin before the next bull run... it's happening faster than last year if history were to repeat itself.
Thanks for reading and I hope you have a nice night!
Best,
Coin Savvy
PS: Here is another chart regarding percentage moves and how long it took in between the 50 test and the 200 test:
My name is Coin Savvy and I like charts.
I really like Bitcoin too and have been involved ever since $2000 in May of 2017 and WOW let me tell you what a ride so far... let's get into this thing.
Let me show you a monthly chart of Bitcoin in 2015 with a 50 ema (red) and a 200 ema (blue) with price action:
If we take a look at the above chart you can see some date ranges as well as two yellow circles, let me explain.
1.) The first date range is from the top of the rally in Nov 2013 ($1200) to the bottom of the bear market in Jan 2015 ($150) after the rally. This lasted 413 days (a little over a year) .
2.) The second date range is from the bottom of the bear market in Jan 2015 ($150) to the local top in July 2015 ($300) before the bull rally to 20k in Dec 2018. This lasted 175 days (half a year)
3.) The next set of date ranges start at the top of the rally in Jan 2017 ($20,000) to the POSSIBLE bottom of the bear market in Dec 2018 ($3100) POSSIBLE POSSIBLE POSSIBLE!!!. This lasted 364 days (a year).
4.) The second set of those date ranges start at the POSSIBLE bottom of the bear market in Dec 2018 ($3100) to the POSSIBLE local top ($5600). This lasted 133 days (4 months)
5.) Those yellow circles, if you haven't already guessed it, is the confluence of 2015 and 2019. I have reason to believe that we are in a similar spot now compared to 2015, let me explain very simply:
Blast from the Past: If we look at the 50 (red) and the 200 (blue) EMA's, we can see that price action broke the 50 ema bearish in 2014 during its bear market and then tested it as resistance later in July 2015 ($300) then fell to test the 200 ema as support and held in Aug-Sept 2015 ($200) then price action tested and broke that same 50 ema bullish right after to start the bull market to 20k and never crossed below until the 2018-2019 bear market.
The Future is Now: If we look at the 50 (red) and the 200 (blue) EMA's, we can see that price action broke the 50 ema bearish in 2018 during its bear market and then tested it as resistance literally the past few weeks ($5200) and now we are at a standstill...
The question is, do we get a short squeeze to get us into the 6k-7k region (this will be caused by price action getting above $5350 and $5600 in the near future respectively in my opinion) or are we going to get a rejection from the 50 weekly ema like we did in 2015 to send us back down to the 200 ema around $4200 to test that as resistance then go ahead and break that 50 ema to send us to the next bull market or as others call it MOOOOOOOOONNNNNN
Nobody knows but this is a very interesting similarity and if the latter comes true and history repeats itself... wow... just wow.
So moral of the story is start saving some dollars to deploy into Bitcoin before the next bull run... it's happening faster than last year if history were to repeat itself.
Thanks for reading and I hope you have a nice night!
Best,
Coin Savvy
PS: Here is another chart regarding percentage moves and how long it took in between the 50 test and the 200 test: