Bitcoin printed the most violent upside reversal of its HistoryThis chart is saying a massive F*ck you to the herd who joined late for the easy money end of 2017, who panic sold thinking it would tank to zero or close to it.
This market is punishing this herd who probably panic sold between 6k and 3k.
These punishing reversals type of moves are happening in almost every market cycles.
They are the perfect symmetrical opposite moves as the punishing raising parabolas who trap the herd that thinks the asset will keep on raising forever close to the top of the cycle.
Bitcoin is now probably going to keep on raising brutally and progressively, as these same late investors and newcomers are about to Fomo and frenzy join successively, as they realise this asset is not going to zero.
Market cycles.
Bitcoincycle
Bitcoin targets 11000This pattern shows that BTCUSD is trading on its new long term support zone. Using the Ichimoku Cloud as a prime leading indicator, we can identify key trend signals and many similarities between Bitcoin's last two bear cycles (2014/15 and 2018/19).
First of all the cloud's squeeze (October - December 2014 and September - November 2018) was a Sell Signal to the strong decline that led to the 1st cycle's (2014/15) bottom and what could be the current cycle's (2018/19) bottom. As the cloud widened in 2015 it gave two Buy Signals, one that signified the bottom and the next that signified the start of the next bull market.
The channel's support lines show where these pressure points can be found. The resistance line shows where the next target is and that is at 11000 (on a 15 month period). This is the first bullish target of the Distribution Period. The peak of the next bullish market is according to those indicators well above 40000.