Comparing Bitcoin Movements of 2020
There is no ignoring that there are quite some similarities here. I know there are people who love this kind of "fractals" and others who don't, but as i mentioned many times since 2019: They used to work very well in 2018 and before, but since 2019 they have lost there value. But they still work now and then, I can't predict when they do work and when they don't, but think it's more than worth to keep an eye on it when they come along.
There is a difference, which are the highs of both moments, half year ago we had a lower high at 9900 and this time we had a higher high at 19800, but I honestly don't know if that has any meaning. The yellow zone though, is not the typical move we see often, with a big shake out dump and just pump again just as easily as if nothing happened. This is pretty identical during both time.
The blue lines at the lows, show both times a slightly lower low. Just half year ago it went inside of the green zone, while this time it stayed clearly above it. Now on one hand one could say, therefore this is useless. But on the other hand, one could argue and say that this time it's an even more bullish sign. Because this time buyers are stepping in way sooner.
Now things like this are not exact science, so i wouldn't focus on seeing an identical move as half year ago. If it would move the same, then we could see one more retest of the lows around 17.600/800 to form like a small double bottom (blue circle). These are the details, but i think long story short, to give this "fractal" any value, Bitcoin should stay above 17.700ish from now. If that happens, we can also see that it has to make a significant push up as well coming day or 2.
This is an extra update on Bitcoin because i thought it's interesting to keep an eye on coming days. Will try to write a normal Bitcoin analysis later today as well.
Bitcoin analysis:
There is a difference, which are the highs of both moments, half year ago we had a lower high at 9900 and this time we had a higher high at 19800, but I honestly don't know if that has any meaning. The yellow zone though, is not the typical move we see often, with a big shake out dump and just pump again just as easily as if nothing happened. This is pretty identical during both time.
The blue lines at the lows, show both times a slightly lower low. Just half year ago it went inside of the green zone, while this time it stayed clearly above it. Now on one hand one could say, therefore this is useless. But on the other hand, one could argue and say that this time it's an even more bullish sign. Because this time buyers are stepping in way sooner.
Now things like this are not exact science, so i wouldn't focus on seeing an identical move as half year ago. If it would move the same, then we could see one more retest of the lows around 17.600/800 to form like a small double bottom (blue circle). These are the details, but i think long story short, to give this "fractal" any value, Bitcoin should stay above 17.700ish from now. If that happens, we can also see that it has to make a significant push up as well coming day or 2.
This is an extra update on Bitcoin because i thought it's interesting to keep an eye on coming days. Will try to write a normal Bitcoin analysis later today as well.
Bitcoin analysis:
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