PLEASE SEE OUR CHART ON THIS LEVEL OF SUPPORT IN SILVER IN 2014.
NOTICE THE LEVEL OF SUPPORT. JUST AS THE PRICE DROPPED, MARKET SENTIMENT WAS ABOUT 94% BUY.
THE BANKS PUSHED THE SELL AND KER-CHING, BANKS MAKE BUCKS, RETAIL INVESTORS GET REKKT!
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)...
I stumbled upon this fractal similarity which is quite amazing in its really high degree of similar behaviour.
We can see that all the areas denoted with 1-4 are matching almost exactly.
So whtat does this mean for the future behaviour?
It would mean that we'll see a slow climb in Nov/Dec, a sharp sell-off in January at point A, which could fit, because...
Following on from the almighty 2014 crash comparison I made months ago and that went pretty crazy buzzy.. I think that after the patience, the possible entry point described back then is now potentially reached.
Regarding this, I just made a first BTC call today. I putted 5% of my capital here on a Buy&Hold trade which means there is no stop loss on this trade....
Looking into the theory that the 2018 Bitcoin chart painting is eerily similar to the bear market of 2014 - Maybe the MM's algo is doing it all over again.
Take a look and decide for yourself.
History may not always repeat, but it sure does rhyme.
Just a comparision of the accelerated bear market we are in today vs the 2014 2 year bear market. The numbers and letters have nothing to do with Elliot wave just a way to mark some peaks and troughs. There is a definite similar structure as seen on this chart. I am a forever bull but I like to look at the whole picture and I am not a HODLer....
So far, this bearmarket is remarkably similar to the 2014/15 one. So much so, that I often think: This can't be, this is too predictable.
Ok, sure, the exact behavior is different, spikes and dumps occur not exactly at the same times and the fractal looks a bit different. But the general behaviour is the same:
1. Slow grind down along an exponential falling...
the following is an update on my previous fractal study.
The adjustments on the Historical Bear Run of 2013/2014 are mainly: volatility & length.
At the moment, accumulation is the main attraction.
Theoretically, August should bring us a fanatical bull flag and mid-September should be the real spring of the accumulation phase, ending the bear...
We are currently forming another bearflag but have also(for now at least) potentially formed a higher low by not dipping below $5730. The rsi and stochrsi on the 4hr also seemed primed for an upward shift as well. If we were to break upward here and somehow surpass 6300 we would essentially form a higher low/higher high sequence as well so this is what I will be...
just a quick update of where I think we are right now in the grand scheme of things.
I see a lot of 2014 fractal similarity charts, but imho most are wrong. They are much too fast, and predict the bottom of 3k already in a few months. That would be insane, since the halving in June 2020 is still 2 years away.
I only see a new rally possible shortly before...