This could be one of the most important pattern formations that happen in 2020. If we look at the similarities between the time BTC bottomed in Dec of 2018 and now you will notice striking similarities in pattern formation. The first is the pattern when BTC first came down and tested the $7,000 support. We saw a jump off of that level and a rebound just to $7,800. However, given that BTC was in a bearish pattern, the down trend resumed. We formed a channel and BTC was bought up again when it hit $6,600.
This is where things get interesting. We are in a down trend and for any down trend to get bucked, the market has to be convinced, which means we have to form a broad bottom. Just like in Dec of 2018, if we start forming a similar bottom, we will go up in a big way once this is complete.
Look for a retest of this $6,600 area again in a lethargic fashion. Once we move off of this level, IF we start moving up slowly and steadily towards that $7,500 level again this will confirm this fractal and the start to a very bullish 2020 and 2021.
Keep a close eye folks and use patience!
-Sherem
This is where things get interesting. We are in a down trend and for any down trend to get bucked, the market has to be convinced, which means we have to form a broad bottom. Just like in Dec of 2018, if we start forming a similar bottom, we will go up in a big way once this is complete.
Look for a retest of this $6,600 area again in a lethargic fashion. Once we move off of this level, IF we start moving up slowly and steadily towards that $7,500 level again this will confirm this fractal and the start to a very bullish 2020 and 2021.
Keep a close eye folks and use patience!
-Sherem
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Well, maybe we go up that much sooner? Already tapping the top end of this channel.
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update
