Bitcoin: Is it possible that we are just consolidating?

13 בינו׳ 2019

What this chart shows is the potential emergence of a symmetrical candle sequence that will drive Bitcoin to a sideways consolidation phase for the next 6 months. The same pattern was developed after the ATH with a strong Channel Down towards the 6,000 low followed by a sequence of successive Lower Highs that narrowed down the price action so much leading to the November - December sharp decline and the recent Lower High. So far this is the common factor between the two patterns and the similarities lead us to believe that an identical Lower High sequence can be followed.

This is aligned to the general long term outlook of BTCUSD based on its historical volatility within the parabolic curve. Most models suggest that if the recent low was the long term bottom, Bitcoin will consolidate for an average period of 6 months in preparation/ accumulation of the next bull cycle. See our long term studies below and tell us what you think:

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