I wouldn't be surprised if Bitcoin enters its next parabolic phase starting now
That was also the statement uttered by one prominent financial asset trader.
Peter Brandt, a trader with over 40 years of experience trading in all kinds of different markets, pointed out the similarities between the 2014-2015 bear market in bitcoin and the 2018 bear market and how prices eventually broke out of them.
Each time there was a period of 10 up and down moves.
The 10th move was the low point of the bear market.
It can be seen clearly on the chart here:
(Source: https://twitter.com/PeterLBrandt/status/1114150288007421952)
Then once that was achieved, prices moved considerably higher over the next 2 years.
Ultimately breaking the old prior highs and going parabolic in the process.
Will there be another dip first?
According to Brandt, the only question is whether there will be a retest of those lows or not before the parabolic move happens?
Specifically, will the 10a rally lead to a 10b retest like it did in the past?
(Source: https://twitter.com/PeterLBrandt/status/1114567264714612736)
If it does, that would imply a quick wick down to $3,100 over the coming months, likely after a $6k touch.
From there, it would be the beginning of the parabolic move that lasts close to 2 years.
Parabolic move coming regardless?
Either way though, Brandt thinks that prices are going parabolic with or without this retest coming.
Brandt says that this retest may or may not happen, it's basically 50/50, but we can go up regardless.
Not sure about you, but I like the way he thinks!
Stay informed my friends.
-Doc
Go BTC Go! 🧐👍🧐
What price will you be looking to sell some?
We all want an uptrend. Let's pray it happens. It would definitely help steem.
It should yes. Though steem has been a major laggard during this latest crypto rally. Not something I was happy to see.
Steem did go from $.32 to current levels before the rest of the market though, didn’t it?
Maybe my timing is wrong, but I thought that Steem kinda led the market by a week. Could be wrong on that though, I don’t follow prices with the closest eye. I’d be curious to hear your thoughts on that @jrcornel :)
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Yes, steem did rally from about .27 to .54 while much of the crypto market was mostly flat. However, that was due to a couple new exchange listings for steem. Since that time, when steem has moved with the rest of the market, it has been a major laggard. Pretty disappointing.
Right that makes sense. It sucks that we’re not really keeping up with the market in the latest spike, but could the reason be that many people are accustomed to that .27 level and had trouble buying in as the rest of crypto rallied and Steem was already sitting at ~.5?
From personal experience, I was buying some Steem steadily at that .27 level and even in the latest rally I had a little bit of trouble picking up more at .5.. that may just be me though.
Why were you having trouble purchasing around $.50? What was causing the trouble?
Sorry, I may have worded that poorly. I mean that in a psychological way.
Buying Steem for a few weeks for under $.3 per trade made it hard for me to want to buy any during the greater crypto spike when Steem was already sitting at nearly double the price that I was accustomed to buying at.
It could just be my perspective, but perhaps others felt similarly about picking up Steem which could serve as a part of the explanation for the lack of performance in that spike.
Posted using Partiko iOS
I see. I get that but that same could be said for most other coins. In fact most coins are up more from their lows than steem is.... EOS for example is well of its lows compared to steem.
I too like the uptrend, but would not mind the bargain prices we would get with a few quick drops back to earlier support.
Awareness will come quicker this time, I think. So that discovery of the bull might be quite a bit shorter this go round, taking months instead of a year. Something that is dawning on some is how very very rare Bitcoin is and how very few people will be able to own a whole one, once we return over 10,000. More rare then diamonds and, I believe, will be priced many times more then gold.
Yep, that is a good point about awareness. Also the ease at which investors will be able to participate will be much greater this time around. Never before have more exchanges existed where people can buy cryptocurrency. That will be significant during the next mania phase.
And with more exchanges accepting USD as payment and with the ability to trade back out for USD...that was a problem to be solved 14 months ago...the assertion of "but I can't pay my rent with Bitcoin" will be nearly a moot point. All adds up to a broader acceptance of cryptos this cycle.
Yep I agree. Still need some clarity in regards to regulations, but this next bull cycle could be the big one.
yes
its unfolding as I type :)
If we break below $3k or so, I wonder if this pattern gets nullified?
we are breaking yes,
but above 6K bro
the bear market is over.
time-wise correction over.
btc trading above 200 Day moving average.
Yep, good point on both. Above the 200 MA is bullish for sure and a very good thing. If we break $6k we are going back to the highs I think.
That chart has gone around quite a bit this week and the concern is that unlike others, it does not demonstrate a breakout from the bearish trendline. That could support another test downward which would truly wipe out plenty of sentiment and HODLers. However, it could be the capitulation event and even a V shaped bounce that could happen.
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If you draw your line from the peak in Dec. of 2017 it looks like it breaks the downtrend to me?
Check this one out...
https://partiko.app/@marketingmonk/something-i-missed-about-this-crypto-price-pump?referrer=newageinv
Posted using Partiko iOS
There is some subjectivity with line drawing of course. Though everything I look at and the way I draw my lines, including the volume with which this surge happened, I am going to say that downtrend line was broken.
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Got it done. Thanks.
I was expecting a small dip before the "parabolic rise" begun, but at this point, I don´t know, because I feel like the FOMO as begun again...
The mood does certainly feel different right now. I thought we would pullback to 4,700 after we hit 5,300 but so far hasn't happened. It may not happen before a $6k test. I hope it does though.
hey jr
hows it going last time we talked i was saying how i could taste the big bounce coming lol
been laying low beanie has finally stopped flaggin people i reply to so figured i better get my two cents in
by the way ive made over 350 % on DBC in last month and over a 1000% since XMAS
things are coming together very nicely
hope all is well and keep up the great work here man
cheers
Nicely done. Steem is kinda lagging the rest unfortunately...
yeah i never spent any money on steem
i have 18 cryptos and none are cash cryptos
they are all security tokens and tokenization assets since i believe that is where the big money wll be made in the years to come
crypto cash coins will do well but im looking for more than a 10 or 20 bagger
i made 70 percent in 2018 where most lost money so i am more than happy with myself and i think this year and next will be pretty explosive
i wouldnt touch the steem currency with a ten foot pole personally and would take BTC over steem anyday but will not buy any of them
bitcoin cash if i had to buy a bitocin crypto
i believe bitcoin cash is more like the original BTC than any of them and its pennies for a transfer unlike the extortion BTC is charging lol