BITCOIN is exactly where 3 tech giants have been in the past!
Bitcoin has been consolidating for almost 1 year within a wide range that many market participants consider nothing more than a long-term Accumulation Phase. Well there is nothing better to strengthen this notion than this new analysis I present to you, based on how three tech giants (Amazon, Google, Apple) traded during a similar pattern.
First of all, in order to make the sample as diverse as possible, I've included fractals during time periods that are very different from each other. Amazon in 2009/2010 just after the subprime mortgage crisis, Google in 2014/2015 during the first major consolidation of the post crisis recover and Apple in 1998/1999 during the last years of the build up of the DotCom Bubble. This is a diverse enough sample to provide as an unbiased evaluation as possible.
So as you see, all tech giants made a bottom after the price broke below their respective 1W MA50 (blue trend-line) period and the Ichimoku Cloud. Then they started a rise, which evolved into a very aggressive rally. Even though all 4 fractals are similar, Bitcoin looks a little bit more like the Apple late 90s pattern, while Amazon and Google are more similar as the bottom below the 1W MA50s was a Lower Low. Bitcoin's (so far) and Apple's second corrective waves are Higher Lows and not Lower Lows. On the other hand though, Bitcoin and Google are the only fractals whose second waves broke below the Ichimoku Cloud, with that turning red for a short while, and the 1W MA50 turning sideways. Due to that, Google consolidated for around 4 months more around the 1W MA50 before rallying into a new All Time High.
What do you think will be the case for Bitcoin? Feel free to share your work and let me know in the comments section below!
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First of all, in order to make the sample as diverse as possible, I've included fractals during time periods that are very different from each other. Amazon in 2009/2010 just after the subprime mortgage crisis, Google in 2014/2015 during the first major consolidation of the post crisis recover and Apple in 1998/1999 during the last years of the build up of the DotCom Bubble. This is a diverse enough sample to provide as an unbiased evaluation as possible.
So as you see, all tech giants made a bottom after the price broke below their respective 1W MA50 (blue trend-line) period and the Ichimoku Cloud. Then they started a rise, which evolved into a very aggressive rally. Even though all 4 fractals are similar, Bitcoin looks a little bit more like the Apple late 90s pattern, while Amazon and Google are more similar as the bottom below the 1W MA50s was a Lower Low. Bitcoin's (so far) and Apple's second corrective waves are Higher Lows and not Lower Lows. On the other hand though, Bitcoin and Google are the only fractals whose second waves broke below the Ichimoku Cloud, with that turning red for a short while, and the 1W MA50 turning sideways. Due to that, Google consolidated for around 4 months more around the 1W MA50 before rallying into a new All Time High.
What do you think will be the case for Bitcoin? Feel free to share your work and let me know in the comments section below!
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
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