Bitcoin is looking like it is repeating what happened back in 2016.
Actually, it is looking like it is repeating what happened both in 2013 and in 2016, but for today we will focus specifically on 2016.
Check out how similar the chart is from 2016 to what we are seeing now...
The weekly chart of 2016:
(Source:
)https://twitter.com/osborneballs/status/1152274106496065536
- osborneballs
After breaking the down-trend we ran up significantly and then had a multi week consolidation period that saw prices decline by 30-40%.
Now, look at the current weekly chart:
(Source:
)https://twitter.com/osborneballs/status/1152274106496065536
- osborneballs
Same pattern.
A big run up out of the bear market, followed by a consolidation period that takes prices down 30-40%.
Pay special attention to what happened to prices after that consolidation period was over...
Do you see what I see?
The big question is whether it will repeat that same pattern this time around...
I think it will.
Stay informed my friends.
-Doc