CRITICAL POINT FOR BITCOIN-BULL CYCLE?
Let's discuss about these extraordinarily identical patterns. I'm not really into making correlations to past events but it's clearly visible that we're experiencing a flashback to 2017. The first chart is as of now and on the second one you can see the correction on 2017 and how the bull cycle started on 2017-september.
You may say; well, that doesn't mean it will happen the same way. But it did until now. Look at the highs and lows I mentioned on the chart and and even check what happened BETWEEN them. Do you see that even those parts between them match perfectly? Except their speed and strength. That's what changed now. We were all the same back then,what is changed is the strength of our emotions.
Well, everything went perfectly with the previous chart-and according to it,we're in a position where everything could shift back to where it was, as it always did since the beginning. You must have noticed that even your favourite traders say they are confused and occasionally refuse to do short term trades, or just get wrong? Yeah, those big guys. That's the first time they are confused. Because the market is confused. Clearly seen by the obviously low volume and consolidation here and guess what, when you go on a telegram group and look at the conversations on 20-25'ish of September of 2017, you can see people saying how bitcoin will dip even further, how it's about to death cross and how btc is dead-just when btc started its bull run until we've seen 20k.
If you noticed,this last wave is still the same as the last wave on the second chart(just a slower one),you can see as the lows of those two waves look alike. If the charts continue to act in the same way,we will probably start the bull cycle in days matter of time at max. But it might not be clearly visible until it forms up. We'll know when the price starts increasing steadily.
Let's simplify this. The market doesn't have a switch with Bull and Bear buttons. Maybe thinking of it like a slow phone would help. Well,turning it off could be fast. But when you try to open it, it will take time to reset all the software and get it running. We might be that phone. Who isn't? We are completely off now(finally) which means we won't be volatile until someone turns us on, and somebody has to turn us on(literally). Once we have that push in maybe days,max for weeks time, we will slowly regain strength and recover.
You may say; well, that doesn't mean it will happen the same way. But it did until now. Look at the highs and lows I mentioned on the chart and and even check what happened BETWEEN them. Do you see that even those parts between them match perfectly? Except their speed and strength. That's what changed now. We were all the same back then,what is changed is the strength of our emotions.
Well, everything went perfectly with the previous chart-and according to it,we're in a position where everything could shift back to where it was, as it always did since the beginning. You must have noticed that even your favourite traders say they are confused and occasionally refuse to do short term trades, or just get wrong? Yeah, those big guys. That's the first time they are confused. Because the market is confused. Clearly seen by the obviously low volume and consolidation here and guess what, when you go on a telegram group and look at the conversations on 20-25'ish of September of 2017, you can see people saying how bitcoin will dip even further, how it's about to death cross and how btc is dead-just when btc started its bull run until we've seen 20k.
If you noticed,this last wave is still the same as the last wave on the second chart(just a slower one),you can see as the lows of those two waves look alike. If the charts continue to act in the same way,we will probably start the bull cycle in days matter of time at max. But it might not be clearly visible until it forms up. We'll know when the price starts increasing steadily.
Let's simplify this. The market doesn't have a switch with Bull and Bear buttons. Maybe thinking of it like a slow phone would help. Well,turning it off could be fast. But when you try to open it, it will take time to reset all the software and get it running. We might be that phone. Who isn't? We are completely off now(finally) which means we won't be volatile until someone turns us on, and somebody has to turn us on(literally). Once we have that push in maybe days,max for weeks time, we will slowly regain strength and recover.
Note
We're about to see if this drop is part of the 11th wave.Personally,since the first part of the 11th wave took longer,it still looks the same as the second chart when the first one is looked in 12 hr candles. Meaning that the only difference is the (emotional) speed. We have one or two days for this bull run to play out. I can already see loads of desperate people awaiting for double bottom at 6k,which probably indicate that we won't really see 6k. When the 11th wave really ends,i'm saying max 2 days later(31th of march),we will shift to the bull cycle. Just come on,this pattern acted the same way since the beginning of it,why wouldn't it now? We'll see. Will keep updated
Note
I was about to close trade, just until I noticed an obvious 12th wave, which may result in a start of a bull cycle. I zoomed in to that part and noticed that the 11th wave i marked on the first chart was clearly misplaced. Here, I corrected it and you can see that we've made thorough the 12th wave quite smoothly. We will make it! Note
The pattern is still following perfectly! Check this snapshot out-look at how the 13th waves match, which means we have the signs of starting of the bullish cycle. Looks like the start of the bullish cycle is confirmed already, but of course nothing is certain in crypto. Let's see!Trade active
The last waves took a little different shape -but we have too many signs of bears ended. Just look at the live graph of the above chart on the idea,i think we almost accurately guessed the last bottom. Hope we continue this way
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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.