Possible analogs to Bitcoin's current price action
The price action on Bitcoin hasn't seemed real constructive lately, and I've heard some people calling for a top, so I thought I'd reevaluate what my operating outlook was last night, by looking to see if there were any examples of similar price action in the past, as a way to guess at what might be coming around the corner soon.
Of course we all know that this is a market made by humans, and humans are fickle, so literally anything could happen.
But these are the best analogs I've found in Bitcoin's daily chart history for the current pattern.
To me this indicates the possibility of a strong breakout and continuation in the not too distant future, but maybe more sideways bowl-shaped re-accumulation behavior will be in store first. Or stated more accurately ... if we see bowl-shaped re-accumulation behavior soon, that could be a strong indication that a subsequent breakout will be in the works.
BTCUSD
As always, we'll see.
-Josiah
Easycators
Of course we all know that this is a market made by humans, and humans are fickle, so literally anything could happen.
But these are the best analogs I've found in Bitcoin's daily chart history for the current pattern.
To me this indicates the possibility of a strong breakout and continuation in the not too distant future, but maybe more sideways bowl-shaped re-accumulation behavior will be in store first. Or stated more accurately ... if we see bowl-shaped re-accumulation behavior soon, that could be a strong indication that a subsequent breakout will be in the works.
BTCUSDAs always, we'll see.
-Josiah
Easycators
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