This was an interesting chart that I did. I have been busy and rather lazy since I did my last TA on that bull rectangle (apparently not a "flag" but w/e). At first when I fired up the chart I thought I would pull up some standard indicators that I use. When I opened the chart on 4H with BB on I was looking at how we were contracting into even tighter ranges. I got an idea to take a look at the 1D chart to see if I would see some type of repeating history. Well what I found is now laid before you on this chart.
Some of the first things I saw when looking at this chart were the fact the the rapid drop we had a few months back looked similar to the one almost a year ago. I then noticed that the BB contractions were doing the same thing. Next both StochRSI and Stoch were in the same zone as they were back then. "Odd," I thought to myself since it seems like there have been many patterns in Bitcoin's history. The date range and the price range just solidified it all together.
The question remains: Will it continue on the trajectory like it did before?
Now I had to think like an irrational market to come up with this one. My thoughts is that it is likely to go sideways for a little. Maybe a few weeks. Yet, watch for slow and noticeable moves up. Say moving up $5 per day at first then to $10. When you see this a break will likely happen and things will start moving again.
Want more? I did some thoughts on peer-to-peer mining pool P2Pool and something small about a dean's prediction for $120 around this time. www.allbitcointa.cu....eans-prediction.html
Some of the first things I saw when looking at this chart were the fact the the rapid drop we had a few months back looked similar to the one almost a year ago. I then noticed that the BB contractions were doing the same thing. Next both StochRSI and Stoch were in the same zone as they were back then. "Odd," I thought to myself since it seems like there have been many patterns in Bitcoin's history. The date range and the price range just solidified it all together.
The question remains: Will it continue on the trajectory like it did before?
Now I had to think like an irrational market to come up with this one. My thoughts is that it is likely to go sideways for a little. Maybe a few weeks. Yet, watch for slow and noticeable moves up. Say moving up $5 per day at first then to $10. When you see this a break will likely happen and things will start moving again.
Want more? I did some thoughts on peer-to-peer mining pool P2Pool and something small about a dean's prediction for $120 around this time. www.allbitcointa.cu....eans-prediction.html
