1. Fibs extended to 30 then reversed. 2. Head and shoulder paltern similar. 3. Similar support at top. 4. New parallel channel forming using market tops. 5. Similar Projected draw downs. 6. Near identical 10D simple, 50 EMA and 21 EMA cross overs. 7. Shallow Fib violated on the W.\ 8. RSI Continues bearish divergance 9. MACD is in a false reversal...
Major break from a very long yearly trend. Reversal confirmed with move to ATH and beyond. Metals are back!
I love the mechanistic nature of bitcoin. The 4 year cycle chuggs along with plenty of draw down action. I love using Tradingview drawing tools and the Log scale to draw pretty pics. Ironically this rectancgle fits nearly perfect and at a key resistance levels and it nearly hits the history 30% draw down. I for one can't wait for some more pull backs to...
I love the mechanistic nature of bitcoin. The 4 year cycle chuggs along with plenty of draw down action. I love using Tradingview drawing tools and the Log scale to draw pretty pics. Ironically this rectancgle fits nearly perfect and at a key resistance levels and it nearly hits the history 30% draw down. I for one can't wait for some more pull backs to DCA....
Using log on the XBTUSD chart and simple measurements. Does the cycle end early in July with a 250K BTC?
Double top of 21 EMA followed by a dead cat bounce in 2017 looks very familiar. We have a double top again and momentum on the daily stoch and daily rsi going down down down. It will cross the 200 MA and keep on going to at least 0.382 fib. Not to mention the vanishing act of the volume and historical volatility. Very sad... But this will bring the miners...
Comments are in the charts. All feedback is appreciated.