BTC: Similarities in the 2017/2021 parabolic waves?
I thought this was interesting.
Looking at the parabolic wave of the 2017 BTC bull run, you can see two corrections, following each other in sequence, that appear to have the same general structure seen in BTC's present parabolic wave.
November 2017. Clear W formation, a break above the previous all time high, downside move to the neckline of the W formation, followed by a longer retracement and continuance to the upside.
This was preceded, in June-July, by a peak, followed by two M formations, and continuance to the upside.
I'm not saying the same scenario will play out now. Or that BTC's bull run with end anytime soon.
Looking at the parabolic wave of the 2017 BTC bull run, you can see two corrections, following each other in sequence, that appear to have the same general structure seen in BTC's present parabolic wave.
November 2017. Clear W formation, a break above the previous all time high, downside move to the neckline of the W formation, followed by a longer retracement and continuance to the upside.
This was preceded, in June-July, by a peak, followed by two M formations, and continuance to the upside.
I'm not saying the same scenario will play out now. Or that BTC's bull run with end anytime soon.
Comment:
Be careful anyone thinking of shorting BTC to the neckline of the W formation (around $52k). In 2017, as you can see, it took another retest of the ATH before the real retest of the neckline happened. Caution is also advised for anyone euphoric, looking for $74k on a long.
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