BTC - weekly setup similar to May-July 2017
Hello,
Few days ago I shared an idea about a potential bearish reversal triggered by the Diamond pattern on the daily chart.
Now the situation is that the pullback is a fact, but it's mainly triggered by FUD events, which usually don't have long-term effects on the price and are absorbed sooner or later.
Additionally, we are most certainly at a support
But this is not actually what I wanted to share in this idea. Some time ago I posted another idea looking at the BTC past performance that might help us prepare for what is to come and give us some food for thought.
Here is the idea:
__________
BTC Weekly chart:
Still in a long-term uptrend corridor, the price touched 21-day EMA which usually indicates the beginning of a trend reversal once the price breaks below it. What is more, we have a local price channel that is currently broken and the price has to recover to the levels above $50,000 to keep the bull run intact.
But if we go back to the May-July period in 2017, we will notice that the bull run was in its mid-phase when quite a deep correction occurred. You can clearly see that the price was struggling at a horizontal resistance on Weekly just like it is doing now, and then it broke down touching the 21-day EMA. A 34 percent pullback. What we have now is 30 percent pullback from the top.
BTC dominance is again below 45 percent - just like in May- July 2017, but what is more fascinating is the ETHBTC pair which is at the exact same level as back then and we all know what followed.
I cannot make general conclusions from this just sharing some thinks I noticed on the chart and I cannot just disregard the similarities I see.
Cheers,
Few days ago I shared an idea about a potential bearish reversal triggered by the Diamond pattern on the daily chart.
Now the situation is that the pullback is a fact, but it's mainly triggered by FUD events, which usually don't have long-term effects on the price and are absorbed sooner or later.
Additionally, we are most certainly at a support
But this is not actually what I wanted to share in this idea. Some time ago I posted another idea looking at the BTC past performance that might help us prepare for what is to come and give us some food for thought.
Here is the idea:
__________
BTC Weekly chart:
Still in a long-term uptrend corridor, the price touched 21-day EMA which usually indicates the beginning of a trend reversal once the price breaks below it. What is more, we have a local price channel that is currently broken and the price has to recover to the levels above $50,000 to keep the bull run intact.
But if we go back to the May-July period in 2017, we will notice that the bull run was in its mid-phase when quite a deep correction occurred. You can clearly see that the price was struggling at a horizontal resistance on Weekly just like it is doing now, and then it broke down touching the 21-day EMA. A 34 percent pullback. What we have now is 30 percent pullback from the top.
BTC dominance is again below 45 percent - just like in May- July 2017, but what is more fascinating is the ETHBTC pair which is at the exact same level as back then and we all know what followed.
I cannot make general conclusions from this just sharing some thinks I noticed on the chart and I cannot just disregard the similarities I see.
Cheers,
Publikasi terkait
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.