Here we compare the December 2017/January2018 Top in Bitcoin with the Inverse of the recent Bitcoin Price Action.
I drew out some similarities and pointed out one key difference which is the depth of the first retrace after topping out. This could be a key difference, or simply a difference due to the amount of hype.
If these similarities keep appearing, we can give ourselves good odds we got ourselves a mid/long-term bottom.
As always, we trade probabilities, which I think are now in the favour of longs. However, if our patterns are invalidated along the way, we reassess.
With this in mind, trade safely folks!
I drew out some similarities and pointed out one key difference which is the depth of the first retrace after topping out. This could be a key difference, or simply a difference due to the amount of hype.
If these similarities keep appearing, we can give ourselves good odds we got ourselves a mid/long-term bottom.
As always, we trade probabilities, which I think are now in the favour of longs. However, if our patterns are invalidated along the way, we reassess.
With this in mind, trade safely folks!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.