Bitcoin in a déjà vu
Updated
Hello fellow traders. It has been a while since I posted anything on TV, but since 2018 is set to be a year of fundamental changes around the world, maybe it will also be changing my procrastinating habits, or maybe not. After all, some things don't ever change, bound to drift in an infinite 2.33% loop and repeating the same patterns over and over... Yes, you guessed it, I was thinking about Bitcoin 6.77% .
January 2018 reminds me very much of last September. Then BTC 6.77% had just reached the new All time high of 5K. Back then, everybody was calling for a bubble ready to burst and that corn 0.21% had reached its top. Sure enough, the drop came, fueled by a tremendous amount of FUD originating from Asia, and the western voice was the one of JP Morgan CEO -3.50% Jamie Dimon, calling Bitcoin 6.77% a fraud. Does anything sound familiar? Well, except this time, Dimon is on the other side of the mirror.
Here are the two timeframes side by side for comparison. Mind you, the 2018 one is on a 8hr scale, while the 2017 is on the 4hr scale. Hope you'll find that meaningful.
Did it feel like the end was near? Yes. Was it? Hell no, it was only the beginning.
January 2018 reminds me very much of last September. Then BTC 6.77% had just reached the new All time high of 5K. Back then, everybody was calling for a bubble ready to burst and that corn 0.21% had reached its top. Sure enough, the drop came, fueled by a tremendous amount of FUD originating from Asia, and the western voice was the one of JP Morgan CEO -3.50% Jamie Dimon, calling Bitcoin 6.77% a fraud. Does anything sound familiar? Well, except this time, Dimon is on the other side of the mirror.
Here are the two timeframes side by side for comparison. Mind you, the 2018 one is on a 8hr scale, while the 2017 is on the 4hr scale. Hope you'll find that meaningful.
Did it feel like the end was near? Yes. Was it? Hell no, it was only the beginning.
Note
Similarities continue to be at play. Bitcoin now at a turning point. If it manages to pierce through the cluster of resistances between 11.5 and 12.5k, it will be free roaming for the bulls. Otherwise, we can expect a substantial pullback towards the 8~9k range.Very exciting times!
Note
Indeed, the pullback to 8~9k is concretizing now. The resemblance with the September pattern is getting more striking by the day.Note
incredible fractal repetition. A good confirmation imo would be breaking over previous peak @ around 11800 for a completion of the inverted H&S pattern. Remaining cautious, but this is looking much more promising
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