BTC Price History repeated itself pretty accuratelyI updated an idea I posted at the beginning of the year, but I wanted to make a separate posting to make it clear.
I looked back at the candlestick pattern from 2018 to the beginning of 2021 and replicated it on September 2022 to June 2023 (the BLUE pattern)
The price prediction played out pretty well in the following months up until right now, November 4, 2023. It's not dead perfect, but it's surprisingly very similar so there is a lot to learn from it and you could've made many short-term trades based on that.
The price target of 38k was preshot too early, but we see that it's coming pretty close to it right now.
Historyrepeating
SUPER EXTENDED MOMENTUMThis super extended momentum from 2009 low has the potential to reach 5,000 levels.
From 1990 to 2009, there were two major corrections ranging from 50 to 60 percent from its high. And from 2009 to 2020 and up to the present, there have been about 10 to 35 percent correction to form this impulsive wave. Assuming the SPX500 will reach 5,000 levels or 650 percent for its new high from the 2009 low, also expect a 40 to 50 percent correction from its high ranging 3,000 to 2,500 levels.
This kind of my view is based only on price action, price movement and market cycle theories, and what I see based on the history of the chart, it has no other basis or reason for this view to happen or not to happen.
DKNG x Falling Wedge x History Is Repeating ItselfHistory
- June 9th, 2020 - Aug 5th 2020 = Falling Wedge
- Aug 25th, 2020 DKNG broke out of the falling wedge
- Aug 25th - Oct 2nd, 2020, DKNG had a market cycle of 81% gain
Present Day
- June 9th, 2021 - Aug 5th, 2021 = Falling Wedge
- Aug 6th, 2021, DKNG broke out of the falling wedge
Analysis
- If we overlap ghost bars from Aug 25th, 2020 - Oct 2, 2020 (previous market hype cycle) then DKNG should peak around $82 early October before pulling back all the way to $53. With football season approaching in September, and the fall approaching, more people will be watching tv to entertain their selves and also stay warm as the weather will be getting colder.
DKNG is also expanding beyond just football. DraftKings (DKNG) on Tuesday entered into a multi-year agreement with Simplebet to launch a real-money micro-betting service across DraftKings Sportsbook.
The agreement will allow DraftKing to offer to its customers micro-betting products for the NFL, MLB and NBA, as well as a new suite of college football products, according to a statement.
The more things change, the more they stay the same. Let's watch history repeat itself and trade on the right side of the smart money, realize gains when the hype cycle reaches it's peak, and double our position size at the bottom of the pullback.