After $3000+ Move, Where Could Bitcoin Go Next?? See ETC.
Updated
Watching the 'completely normal' bitcoin price action yesterday... I thought it looked familiar... Ah, that's right! Ethereum Classic did something very similar August 20-23, 2019.
Looking back, ETC started its initial run with a 13% pop, followed by some kind of rising wedge , consolidation, and an even larger pop of about 33%... the total move from begin to end topped out at 42%.
Bitcoin just started its initial run with a 13% pop, followed by some kind of rising wedge , consolidation, and an even larger pop of about 24%... the total move from begin to end topped out at 39%.
These are remarkably similar moves.
Going forward, it can not be ignored that ETC went on to retrace nearly that entire move!
With that, I'm taking a bearish bias on bitcoin . It will be easy to see if this correlation will be invalidated, as there will not be another high if it is to copy ETC. We shall see...but what a move that would be!
God bless.
Travis
Looking back, ETC started its initial run with a 13% pop, followed by some kind of rising wedge , consolidation, and an even larger pop of about 33%... the total move from begin to end topped out at 42%.
Bitcoin just started its initial run with a 13% pop, followed by some kind of rising wedge , consolidation, and an even larger pop of about 24%... the total move from begin to end topped out at 39%.
These are remarkably similar moves.
Going forward, it can not be ignored that ETC went on to retrace nearly that entire move!
With that, I'm taking a bearish bias on bitcoin . It will be easy to see if this correlation will be invalidated, as there will not be another high if it is to copy ETC. We shall see...but what a move that would be!
God bless.
Travis
Note
Wow...this is going almost the same thus far, with Bitcoin price returning to the low 9000's... Following the ETC chart, we can expect a large move higher, but not reaching a higher high, before rejecting and making the move all the way back down. I took some shorts of at 9,300, and are adding back near 10,000, if it gets there.
Note
Note
Eventually, Bitcoin copied Ethereum Classic and nearly retraced the entire move.
Here is my closing comment from the follow up to this idea...
""As it turned out, BTC did continue to mirror the ETC price action.
While the rate of speed of Bitcoins price action slowed a lot, the validation of this idea, that there would be a "major fall back to the beginning of the move, or at least the low 8,000's" has been met.
There could of course be further downside, but for the sake of this idea, it can be viewed as complete. Also, note that on both BTC and ETC, the moves completed retracements of over 78.6%.
Hope this was of use to you!""
Trade closed: target reached
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