Is History Going To Repeat And Are Bullish BTC Analysts Wrong?
Hi Followers,
A lot of analysts are becoming a little bit bullish and I can totally understand why. The 4 hour chart is starting to look good and if btc can hold these price levels we can expect btc to test the higher resistance area's like i described in my previous Idea.
However when i'm looking at the monthly LOG chart i can see that we actually didn't retrace that much compared to the correction of 13/14 (percentage wise). If you look at the red square you can see that bitcoin made a drop of almost 85% in 2013/14 and now we haven't even come close to a similar percentage.
If bitcoin would repeat history we could see levels between the 2000 dollar and 3500 dollar.
If you look at the candlesticks of 13/14 you can see that there was 1 big green candlestick , then one big red candle, then 1 small green candle and ultimately one big red candlestick .
The current candlesticks seem to be forming a smilar pattern; 1 big last green candlestick, 1 big red candle, 1 small green candlestick and.....
Will the next candlestick be big and red?
Let me clarify that I am not suggesting that the next candlestick will be big and red, i'm only pointing you to some similarities. My purpose is to provide you with extra information so that you can make an educated decision.
There are two differences between 13/14 and now that may suggest that BTC won't repeat the same price action as 13/14.
1) The adoption rate of blockchain/cryptocurrency is much higher.
2) If you observe the candlesticks you'll notice that the buying volume of the little green candlestick, after the first big red candlestick in 13/14 was smaller than the volume of that first big red candlestick. So you could say that the selling pressure was much bigger than the buying pressure. Today that's the other way around. If you look at the volume bars you'll see that the volume of the little green candlestick is higher than the volume bar of the big red candlestick. It's just a small detail but It could make all the difference.
Lets see what happens.
If you want to receive more ideas like these follow me and like my idea. If i get more than 10 likes i'll update this idea!.
Cheers
This is NOT advice. This is for information purposes only so trade on your own risk.
A lot of analysts are becoming a little bit bullish and I can totally understand why. The 4 hour chart is starting to look good and if btc can hold these price levels we can expect btc to test the higher resistance area's like i described in my previous Idea.
However when i'm looking at the monthly LOG chart i can see that we actually didn't retrace that much compared to the correction of 13/14 (percentage wise). If you look at the red square you can see that bitcoin made a drop of almost 85% in 2013/14 and now we haven't even come close to a similar percentage.
If bitcoin would repeat history we could see levels between the 2000 dollar and 3500 dollar.
If you look at the candlesticks of 13/14 you can see that there was 1 big green candlestick , then one big red candle, then 1 small green candle and ultimately one big red candlestick .
The current candlesticks seem to be forming a smilar pattern; 1 big last green candlestick, 1 big red candle, 1 small green candlestick and.....
Will the next candlestick be big and red?
Let me clarify that I am not suggesting that the next candlestick will be big and red, i'm only pointing you to some similarities. My purpose is to provide you with extra information so that you can make an educated decision.
There are two differences between 13/14 and now that may suggest that BTC won't repeat the same price action as 13/14.
1) The adoption rate of blockchain/cryptocurrency is much higher.
2) If you observe the candlesticks you'll notice that the buying volume of the little green candlestick, after the first big red candlestick in 13/14 was smaller than the volume of that first big red candlestick. So you could say that the selling pressure was much bigger than the buying pressure. Today that's the other way around. If you look at the volume bars you'll see that the volume of the little green candlestick is higher than the volume bar of the big red candlestick. It's just a small detail but It could make all the difference.
Lets see what happens.
If you want to receive more ideas like these follow me and like my idea. If i get more than 10 likes i'll update this idea!.
Cheers
This is NOT advice. This is for information purposes only so trade on your own risk.
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