This was an interesting chart that I did. I have been busy and rather lazy since I did my last TA on that bull rectangle (apparently not a "flag" but w/e). At first when I fired up the chart I thought I would pull up some standard indicators that I use. When I opened the chart on 4H with BB on I was looking at how we were contracting into even tighter ranges. I got an idea to take a look at the 1D chart to see if I would see some type of repeating history. Well what I found is now laid before you on this chart.
Some of the first things I saw when looking at this chart were the fact the the rapid drop we had a few months back looked similar to the one almost a year ago. I then noticed that the BB contractions were doing the same thing. Next both StochRSI and Stoch were in the same zone as they were back then. "Odd," I thought to myself since it seems like there have been many patterns in Bitcoin's history. The date range and the price range just solidified it all together.
The question remains: Will it continue on the trajectory like it did before?
Now I had to think like an irrational market to come up with this one. My thoughts is that it is likely to go sideways for a little. Maybe a few weeks. Yet, watch for slow and noticeable moves up. Say moving up $5 per day at first then to $10. When you see this a break will likely happen and things will start moving again.
Nice analysis!
Indeed, bitcoin seems to be more and more reapeting past patterns. It will be interesting though, if it will repeat the same thing that happend in October last year ;)
You knwo where that lead. If this pattern would repeat, which I think it will to some extent, it could take us to new highs very soon. I call for a top late August, early September at around 5000 (plusminus) under the premise of history repeating itself again.
ItisCalvin
⋅
That SR drop in October was an anomaly so that will not happen again unless there is some type of news similar to that happening gain. We may instead have a bear trap that is earlier than what is projected.
Now it is hard to decide exact locations for tops. If it happens later it would be greater than what it would be say in early August.
The one thing that was interesting is that around the last top people were not all shouting that this was a top or anything like that. Basically it was greed and the trade chat was a little more quite than it had been. Even after the ATH people were still wondering if we would go higher yet. I think we were reaching for gold parity.
Well when it happens I have so much more knowledge of this stuff than I did during that Nov. bubble.