What I am presenting here is an interesting comparison between the past and present bear seasons of Bitcoin.
We have the main chart (above) showing us the current bear season that started back in December last year. Whereas the chart below shows us Bitcoin's last extended bear season which began in December 2013 and ended in late-August 2015.
Click on the chart below to enlarge:
While it is too early to claim that the present bear season has similarly ended in late-August, there are some "worth-noting" resemblance between the two bear seasons.
1. Both consist of a double bottom (look at the areas marked with a box), a bullish reversal pattern.
2. Both show a healthy price recovery as they enter the month of September.
A historical price analysis reveals that strong rallies are often seen in Bitcoin as the cryptocurrency approaches year end. With price consistently pushing higher over the past 2 weeks and short positions recently hitting a record low in the futures market dominated by institutions, could this be an indication of a promising year-end rally for Bitcoin that traders are begging for?
Please voice your opinions below. Disagreements are welcomed but keep them civilized.
Have a great day and good luck!
Buy me a cup of coffee (or steak dinner):
BTC: 1GG7CwY3zqdCYqQz1ZG9PHyoxCGGrQu5pb
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
Please note that my Bitcoin Q4 2018 Forecast is no longer for sale. Instead, I am now offering insightful market commentary and actionable trade ideas through my private CryptoEZ PRO Forecast group. Interested traders may send me a direct message for admission details.
We have the main chart (above) showing us the current bear season that started back in December last year. Whereas the chart below shows us Bitcoin's last extended bear season which began in December 2013 and ended in late-August 2015.
Click on the chart below to enlarge:
1. Both consist of a double bottom (look at the areas marked with a box), a bullish reversal pattern.
2. Both show a healthy price recovery as they enter the month of September.
A historical price analysis reveals that strong rallies are often seen in Bitcoin as the cryptocurrency approaches year end. With price consistently pushing higher over the past 2 weeks and short positions recently hitting a record low in the futures market dominated by institutions, could this be an indication of a promising year-end rally for Bitcoin that traders are begging for?
Please voice your opinions below. Disagreements are welcomed but keep them civilized.
Have a great day and good luck!
Buy me a cup of coffee (or steak dinner):
BTC: 1GG7CwY3zqdCYqQz1ZG9PHyoxCGGrQu5pb
BCH: qznk2nnuppn0xszpmx0ruvfzlh7z5ux8r527d05k3f
Please note that my Bitcoin Q4 2018 Forecast is no longer for sale. Instead, I am now offering insightful market commentary and actionable trade ideas through my private CryptoEZ PRO Forecast group. Interested traders may send me a direct message for admission details.
