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Topic: Bitcoin Repeating History: TA Series On Repeating Past Patterns - page 3. (Read 1220 times)

legendary
Activity: 1666
Merit: 2204
Unsurprisingly strong resistance from rallying into the EMA&MA bearcross.

Quote from: Trading View
200 Day MA & EMA bear cross now confirmed for October 14th (Monday) by MA & EMA forecasts*.
The crossover price is currently forecasted at $8,710 (EMA) and $8,725 (MA).




*courtesy of LVR programming for EMA forecast
legendary
Activity: 1666
Merit: 2204
Part 7 added to OP. This doesn't come with any prediction/target (see Parts 1-5 for targets), but instead documents another valid indicator of Bitcoin's bearish downtrend.

Part 7: Another Bearish Bitcoin Indicator: 200 EMA & MA Bearcross



Source: Trading View, October 9th 2019

A quick look at the projected 200 EMA & MA bear-cross on the Daily chart . From the March 16th 2018 bearcross at $8,273, the bullcross didn't occur until over a year later on April 4th 2019 at $4,911 after a 40% correction. The current gain in price since this 2019 bullcross has been 60%. Unless the price moves above $8500 within the coming days, the EMA & MA bear-cross is due to occur by the end of the week.

Many traders complain that due to Bitcoin's volatility the MA bull & bear crosses on longer timeframes are delayed indicators, while others prefer to utilize the EMA's (Exponential Moving Averages) for this reason. Here you see the value of trading the 200 EMA & MA bull & bear crosses. Note that following the 2018 bearcross the price first increased by 20% to the 200 Day MA, before signaling the longer-term downtrend.


legendary
Activity: 2170
Merit: 1427
But the thing is unlike December 2017, the price is not yet in a parabolic move. I think the halving event will be the parabolic move.

There is no such a thing as a textbook parabolic move that we have to see.

2017 bull run was driven by insane demand for Bitcoin and from ICO investors aka gamblers buying Bitcoin to buy into an ICO. What we have seen happen this year is quite parabolic if you ask me. It's not a 1000% parabolic move, but 350% in a matter of months is up there as well. What asset has done the same in the last couple of years? Bitcoin did it twice where other assets have only been trending up at most.

I wouldn't expect anything from the market until we go back above the 200 daily MA/EMA. $7000-$7500 is very realistic to happen before the end of the month if we don't get above these averages quick.
Pab
legendary
Activity: 1862
Merit: 1012
There is problem with liquidity in general.Best pattern what works for me now is RSI 30 buy and RSI around 60 sell.Of course it can change.Price is stagnant volume is low.Financial environment not so much supporting risky assets like Bitcoin is.Crash on stocks is coming i don"t think Wall Street will avoid really big sell .i don"t believe in Bitcoin price below 6600 $ and even in not so much in 6600$
 
legendary
Activity: 1652
Merit: 1483
Bakkt launch was an important event. It was probably the reason why the Bitcoin price took off in March. Something like buying the rumor and selling the news type of trading.

we were already trading in the $8000s in may when we got the first bakkt news of the year that user acceptance testing was slated for july. so i hardly think bakkt hype was the reason for the whole bull run.

it was a "sell the news" event, i'll give you that. but i think the "buy the rumor" phase was in mid-august when they finally announced a launch date.
legendary
Activity: 1652
Merit: 1007
I also have red several predictions tied to 2017 btc pattern and I agree that it would be best case scenario. The thing i did not know that in 2017 pattern there was important event - mt gox and I dont believe tat bakkt is equally important event. So thats a negative aspect for the best case scenario.

Bakkt launch was an important event. It was probably the reason why the Bitcoin price took off in March. Something like buying the rumor and selling the news type of trading. As you can see the price fell from the triangle exactly on September 23. But the thing is unlike December 2017, the price is not yet in a parabolic move. I think the halving event will be the parabolic move.
full member
Activity: 490
Merit: 123
I also have red several predictions tied to 2017 btc pattern and I agree that it would be best case scenario. The thing i did not know that in 2017 pattern there was important event - mt gox and I dont believe tat bakkt is equally important event. So thats a negative aspect for the best case scenario.
legendary
Activity: 1652
Merit: 1007
I dunno. I also feel bearish but the weekly chart is way too oversold. Maybe if the next cycle high momentum is weak and stalls around $9,500 - $10,000, we will indeed be seeing your predicted lows.

But do not discount the buying before the May 2020 halving event.
sr. member
Activity: 518
Merit: 250
legendary
Activity: 1806
Merit: 1521
Personally I'm leaning to $5,500 to $6,500, to the measured target with the possibility of people getting confused and overselling it, similarly to Part 5.

The chance of Part 5 happening, at this point in time, is probably the same as flipping a coin and seeing if it lands on heads or tails.  None of these charts give you any probabilities, they only showing where price has previously gone when measured targets are set based on bearish patterns. Apart from Part 3, the worst case scenario, they all look more or less accurate for now, so the price could follow any direction from here onwards.

Disclaimer: I'm buying it as it goes down because of what these charts tell me.

Excellent analysis. My expected target range is essentially the 0.618-0.786 retracement area, which lines up nicely with some historic S/R. In the "overselling" scenario, that points to a bottom in the $5,400s. That would be a hell of a knife catch opportunity!
legendary
Activity: 1666
Merit: 2204
  • 2012: Breakdown to $6,415 with 1 year consolidation (Part 4)
  • 2014: Breakdown to $2,500 with 1.5 years consolidation (Part 3)
  • 2017: Breakdown to $5,350 with 2 months consolidation (Part 2)
  • 2018: Breakdown to $5,050 with 6 months consolidation (Part 1)
  • 2019: Measured move to $6,410 to $6,875 (Part 2 & 5)

That's a range between $2,500 and $6,875, with anywhere between 2-18 months of consolidation. Conclusion: Anything could happen. Look for clues.

the bears must be licking their chops now! $2500---i think that's the lowest target i've seen yet!

i'm leaning towards $6300-$7500 range for a final bottom and definitely favoring "part 5" more than any of the others. what odds would you give that scenario?

Yeh $2500 is not a level I would expect either, as I referenced that would be so bearish if we got near there we'd be talking about $1500 again! So very doubtful imo. I can only see it happening if we get stuck between $6k and $8k for "too long" without being able to break through resistance. Then we would plunge lower for sure. Personally I'm leaning to $5,500 to $6,500, to the measured target with the possibility of people getting confused and overselling it, similarly to Part 5.

The chance of Part 5 happening, at this point in time, is probably the same as flipping a coin and seeing if it lands on heads or tails.  None of these charts give you any probabilities, they only showing where price has previously gone when measured targets are set based on bearish patterns. Apart from Part 3, the worst case scenario, they all look more or less accurate for now, so the price could follow any direction from here onwards.

Disclaimer: I'm buying it as it goes down because of what these charts tell me.
legendary
Activity: 1652
Merit: 1483
  • 2012: Breakdown to $6,415 with 1 year consolidation (Part 4)
  • 2014: Breakdown to $2,500 with 1.5 years consolidation (Part 3)
  • 2017: Breakdown to $5,350 with 2 months consolidation (Part 2)
  • 2018: Breakdown to $5,050 with 6 months consolidation (Part 1)
  • 2019: Measured move to $6,410 to $6,875 (Part 2 & 5)

That's a range between $2,500 and $6,875, with anywhere between 2-18 months of consolidation. Conclusion: Anything could happen. Look for clues.

the bears must be licking their chops now! $2500---i think that's the lowest target i've seen yet!

i'm leaning towards $6300-$7500 range for a final bottom and definitely favoring "part 5" more than any of the others. what odds would you give that scenario?
hero member
Activity: 2926
Merit: 722
CoinPoker.com

Part 5: If 2017 Descending Triangle Repeats? Best Case Scenario




This part 5 is really interesting to look at but breakouts can happen on least we expect.Patterns might happen or not
Im not fan of looking or to believe on triangle breakouts but its good to look at which we do have at least some basis.
Does history repeat itself? Lets see on upcoming days and weeks.
legendary
Activity: 1666
Merit: 2204
Here's the first update for Part 1-5 from the Weekly close, for those who can't press play to see the result of the analysis.
I think it's fair to say there are similarities in all these scenarios so far.

Part 1: Descending Triangle Looking Similar To 2018



Part 2: Measuring The Move of the Descending Triangle Breakdown



Part 3: A repeat of 2014? Worst Case Scenario A $2,500 Low



Part 4: If Bitcoin Repeats History? Extrapolating 2012 Breakdown



Part 5: If 2017 Descending Triangle Repeats? Best Case Scenario



Part 6 will be added on the Monthly close tomorrow Smiley I'll otherwise try and keep these updated when relevant, if they are still being useful.
legendary
Activity: 2814
Merit: 1112
Leading Crypto Sports Betting & Casino Platform
Observations and analyzes that can help many people.

I myself think that Bitcoin will always follow the same pattern every year especially if approaching the halving year.

Out there are too many predictions that say it will touch the price of $3,000 I feel is impossible.

In my opinion it is difficult to drop below $5,000, but the worse case maybe can happen there many different thing affacted BTC currently.

legendary
Activity: 1666
Merit: 2204
Giving you a merit because unlike most posts you at least support your analysis with a few charts. And I mostly am looking at the same thing. Right now however it doesn't look like we will hit the $6400 area yet without retesting the $9100 area resistance within the next few days or weeks.

I agree with this sentiment, a retest of triangle breakdown does seem more likely and the current scenarios that are playing out (Part 2, 4 and arguably 5) include this likelihood.

Descending Triangle Looking Similar To 2018


Interesting comparison, although it employs some curve-fitting.

The chart cuts off the first half of 2018 which makes it look like last year's triangle was much smaller than it really is. The 2018 triangle was 3x as long (time-wise) than this one, implying a much stronger breakout in percentage terms. I don't think we can necessarily plan on a 63% decline this time.

Agreed, hence the measured move (Part 2) working out to $6,410 instead for the Weekly triangle that broke down, rather than the $5k area of -63% (top to bottom). Consider Part 2 a correction to Part 1 regarding he measured move of the breakdown (hence the title). Part 1 was an extrapolation of the 2017 drop, which I found interesting as it would take the price towards the trajectory of the 200 Week MA for support (where BTC was last supported at it's swing low), but they are not proportionate you are right. The descending triangle also broke down much sooner than that of 2018, as you mentioned, so should not be considered a valid pattern at present.



I don't see how you could extend the triangle any further than the above however. That initial wick down to $6k you see was the first time the price reached this support level.
I'd be happy to see an alternative triangle which shows a drop further than 50%, given the swing high was $12k and the low was $6k, but would consider the evidence if provided.
hero member
Activity: 1358
Merit: 513
It is very common for people to assume that a descending triangle is a falling wedge.. i for some time though they were the same, in fact, both are different are give two different indications.
Falling wedge is good. A descending triangle.. not so much. Falling wedge is almost always a bullish indicator and is different from a descending triangle as it has a sloping base. In case of a descending triangle, the base is horizontal..
legendary
Activity: 1806
Merit: 1521
Descending Triangle Looking Similar To 2018


Interesting comparison, although it employs some curve-fitting.

The chart cuts off the first half of 2018 which makes it look like last year's triangle was much smaller than it really is. The 2018 triangle was 3x as long (time-wise) than this one, implying a much stronger breakout in percentage terms. I don't think we can necessarily plan on a 63% decline this time.
legendary
Activity: 3738
Merit: 1708
CoinPoker.com
Giving you a merit because unlike most posts you at least support your analysis with a few charts. And I mostly am looking at the same thing. Right now however it doesn't look like we will hit the $6400 area yet without retesting the $9100 area resistance within the next few days or weeks.

But I think the halving should be interesting because historically it presented a small rising before the halving and usually a few weeks after the halving a huge surge happened. However we only have 2 data points so who knows if this time will it be the same.

People are expecting a pump and we might get the opposite, a dump. Just like people were expecting the $6000 area support to hold back in Nov 2018.
Pab
legendary
Activity: 1862
Merit: 1012
Thanks for sharing your work
If Bitcoin will close below 7350 $ on weekly or even on daily i will be very bearish
7350$ is 114 MA Peter Brandt trend line second one is 14 MA
I don"t believe any 3K or something like that but i am sure we will have a lot of dirty games and manipulation what will force people to sell at low level.
It could be that level of consolidation will be between 6600$ -7600$ or around
Many things begin to happen in the world and more will come
Personally i am not recognizing Bitcoin like a safe heaven but rather highly risky asset
So when appetite on risk will be back bitcoin price will begin to increase 
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