Do these charts look similar to anyone else?

in bitcoin •  3 months ago

Yesterday in my post I talked about how Bitcoin may be ready to breakout based on a particular chart setup.

That post can be seen here:

https://steemit.com/bitcoin/@jrcornel/bitcoin-on-the-verge-of-a-major-move-higher-richard-wyckoff-says-yes

For those of you that may have missed the chart setup and how it relates to bitcoin, it can be seen here:

(Source: https://www.newsbtc.com/2018/06/16/odd-coincidences-bitcoins-price-mirrors-historical-technical-analysis/)

I am surprised by how similar these charts are.

They are very nearly identical.

This kind of setup kind often precedes large moves higher in the medium term.

No guarantee that it continues.

Keep in mind that there is no guarantee that bitcoin will keep following this pattern and end up breaking out to the upside, but up to this point it is pretty interesting how closely it has followed this accumulation pattern.

Also one thing to note is that we may not have seen the low just yet.

According to that chart pattern we may need one more washout before we move back up and start our ascent.

Either way, if ol Richard Wyckoff was still around trading, I would bet he would be buying bitcoin right now based on the chart setup.

Stay informed my friends.

Follow me: @jrcornel

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Let’s hope the chart is more than just data; let’s hope it is a guide to Crypto buyers! 💰🤑💰

Hoping history repeats!

This whole correction does seem like a redistribution process into the hands of the next innovators/hodlers but must do more research into wyckoff theory

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That is exactly what it has been. A massive transfer of wealth from the early adopters to wall street. Ironic that wall street wasn't in first for once.

But sir what is the possibility that bitcoin will shoot up again?

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I am hopeful that it is high.

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The prices have stopped dropping for a while now, it's hovering just within a range. Like you said I think a breakout is just by the corner.

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After accumulation comes the mark-up phase. That would be ok with me.

Hard to see the redistribution end before the MT gox coins are released

Posted using Partiko Android

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You may very well be right.

Although bitcoin making another bull run at some put in the future is likely we should still be diligent and make a plan if price continues to drop!

Thanks for sharing this chart sharing..... i love bitcoin.
upvote and resteemit done.

as i said we will see a 11K for sure by October/November but first the 5.9K support is where it's at, its gonna do further testing soon.

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That would be a nice spot to buy then if you are correct.

Yeah let's hope it breaks out, bitcoin has been in a bear market for around 5 months now

We should hit $12,000 in August or September according to Wyckoff's theory.

For now, let's hope for it.

wow you are right! they do look very similar... wouldn't that be awesome if it goes up like that again :) have a lovely day!

Cheers,
Mel

Looks exactly identical to me. Almost as if it's drawn off of the recent BTC bear run. lol

I think people undervalue the predictions of the experts, but they are experts for some reason and that analysis is based on years of study. Events that surprise analysts happen once a decade...

I'm pretty confident that BTC will keep following that path very closely.

Hello sir you any thing about EO coin

Great analysis and the chart is mysteriously identical with the other is really surprising

No guarantee? Too bad! ^^

This weekend and into next week could test the Wyckoff pattern. If right, we'll break the critical support and in the next weeks bounce around until shooting off on the strong bull trend in phrase D. 10k by August is still conceivable. What do you think @jrcornel?

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That is exactly what I am looking at as well. A dip to $5k looks possible to me. However, we need the following bounce back or it will just be more of the slow bleed we've been experiencing the last few months.

To the question in your title, my Magic 8-Ball says:

My reply is no

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.