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Throughout its history, theBitcoin price has followed several fractals based on previous movement. Additionally, there have been numerous events which are considered to be predictive of Bitcoin’s price movement, such as the halving.
One slightly more bizarre occurrence is the price movement after November 13. Since 2014, the day marked the beginning of either a significant upward or downward move.
In 2019, it seems likely that today is the lowest point before an upward move that will take the price above $10,000.
Cryptocurrency trader @paddystash stated the significance of November 2013, while suggesting that if breaks out from the resistance line then altcoin dominance might blow up.
🤔… Is this the perfect storm?
Is today the day?
Will $eth smash that downtrend?
Will #altcoin dominance blow through the roof??
It sure feels like something's about to give.. This guys tweet would make perfect sense 😂😂 https://t.co/5nBIrYq33D
— Paddy Stash (@paddystash) November 13, 2019
Let’s look at each of these statements individually and see if there is any merit to them.
On November 13, 2014, the price reached $485 before creating a long upper wick. Afterward, a downward move ensued and the price decreased by 65% in 62.
In 2015, the date held no significance.
On November 13, 2016, the price made a low of $725, before initiating a rapid increase of 71% in 53 days
On November 13, 2017, the price reached a low of $7050 before beginning an upward move that led to an increase of 240% in 34 days.
On the other hand, on November 13, 2018, it preceded the final downward move of the correction, initiating a decrease of 50% in 31 days.
Therefore, during the last five years, November 13 has twice marked the beginning of an upward and twice of a downward move. Today, the BTC price has validated the previous resistance line as support. Therefore, a downward movement does not seem likely.
Rather, if the price increases at a similar rate to the previous November 13s, we could see a retest of the $13,700 highs, an increase of 60% within the next two months.
Finally, the Ethereum price created a double bottom on September and October 20, before breaking out from the long-term descending resistance line.
The current price movement looks like consolidation after an upward move and the price looks likely to continue its upward trend.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
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