Do these charts look similar to anyone else?
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:
For those of you that may have missed the chart setup and how it relates to bitcoin, it can be seen here:
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
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
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?
I am hopeful that it is high.
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.
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
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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.
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
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