Is BTC repeating history ?
Updated
As we all passed through the Jan 2021 and we all have seen what happened, these days of BTC was quite interesting for me and made me think about different possibilities of prediction in the BULLISH and BEARISH scenario which I explain one by one in below
I know maybe we are more BULLISH in "Onchain charts", "market cycle" or " sentimental analysis" but it's just a technical analysis from my view
Trend Lines
1. As we see on the chart "Orange trend lines" which is from the COVID-19 crash until now, has pretty decent support (white arrows) even after the correction in March and after that, however, we have another trend line which is in the upper on the chart which had good resistance in past and even with these days, that when we connect these two lines they bring us a massive "rising wedge" pattern which as all we know its a BEARISH pattern.
Triangle
2. Even though we also have a pretty big resistance zone just sitting above our ATH and it seems a giant right triangle which also can be a very good BULLISH move in case of the breakout from above.
Historical Move
3. HOWEVER, if we use a "Bar pattern" from 23th of Jan to the end of 21st Jul, we will see that BTC price had followed the historical move almost the same, In this case, the rest of the bars will sit EXACTLY under our resistance zone (even upper resistance trend line) and above our support trend line ( last white arrows ) !!! Surprisingly, it will fill up our rising wedge pattern. Also, if we compare both dates of that period they are both 50 days.
Baby Rising Wegdes
4. The white dotted rising wedge ( left one) did a very good job on finding a good spot to sell (or short) that we can easily see BTC is making another one in present days as well.
EMA
5. last but the least, We got the EMA 200, it has been very crucial for the overall movement of BTC in 12H timeframe and we had a good bounce from retesting it which remains us a good BULLISH signal.
If BTC repeats that historical bar pattern again we might have another leg to the downside, but if it breaks the rising wedge and triangle from the top who is gonna stop it? which way do you think BTC will choose?
What is your thinking about my technical analysis?
Please feel free and leave your opinion in the comment section and let me know them.
I know maybe we are more BULLISH in "Onchain charts", "market cycle" or " sentimental analysis" but it's just a technical analysis from my view
Trend Lines
1. As we see on the chart "Orange trend lines" which is from the COVID-19 crash until now, has pretty decent support (white arrows) even after the correction in March and after that, however, we have another trend line which is in the upper on the chart which had good resistance in past and even with these days, that when we connect these two lines they bring us a massive "rising wedge" pattern which as all we know its a BEARISH pattern.
Triangle
2. Even though we also have a pretty big resistance zone just sitting above our ATH and it seems a giant right triangle which also can be a very good BULLISH move in case of the breakout from above.
Historical Move
3. HOWEVER, if we use a "Bar pattern" from 23th of Jan to the end of 21st Jul, we will see that BTC price had followed the historical move almost the same, In this case, the rest of the bars will sit EXACTLY under our resistance zone (even upper resistance trend line) and above our support trend line ( last white arrows ) !!! Surprisingly, it will fill up our rising wedge pattern. Also, if we compare both dates of that period they are both 50 days.
Baby Rising Wegdes
4. The white dotted rising wedge ( left one) did a very good job on finding a good spot to sell (or short) that we can easily see BTC is making another one in present days as well.
EMA
5. last but the least, We got the EMA 200, it has been very crucial for the overall movement of BTC in 12H timeframe and we had a good bounce from retesting it which remains us a good BULLISH signal.
If BTC repeats that historical bar pattern again we might have another leg to the downside, but if it breaks the rising wedge and triangle from the top who is gonna stop it? which way do you think BTC will choose?
What is your thinking about my technical analysis?
Please feel free and leave your opinion in the comment section and let me know them.
Trade active
BTC went down furture than i expect but still held by EMA and support line , i really expect BTC to bounce from this point to top
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