Another argument for the log fib… pic.twitter.com/XJS4VoPHa8— dave the wave (@davthewave) November 27, 2019
SimilaritiesThe similar Fib levels are visible when measuring the first movement from September 2016 to December 2017. Afterward, the Bitcoin price retraced to the 0.5 fib level before beginning the current upward movement. Furthermore, after reaching a high of $13,764 on June 24, 2019, the bitcoin price has retraced to the 0.5 fib level, thus giving credence to the idea that the corrections are similar and the price has reached a bottom. However, since the upward movement began earlier than September 2016, the low looks somewhat handpicked to fit the analysis.
Different MeasurementLooking at the Bitcoin price movement alongside technical indicators, there are two dates that stand out:
- January 2015
- December 2018
The dates used in our log prediction (Jan 2015; Dec 2018) converge with each other in the fractal. Therefore, these could definitely represent similar points in the market cycle.
Do you really want to argue with the log fib [this cycle has corrected further]? Also, the same real decline from the peak…. pic.twitter.com/YabSAgB6Fr— dave the wave (@davthewave) November 27, 2019
Fib ChannelUsing Fib levels from these dates reveals an interesting occurrence. The Bitcoin price bounced on the 0.618 fib level on the way up, and the bottom was reached only slightly below this level during the first upward move. During the second move, we will use the Bitcoin price closes instead of wicks for the highs — which is often done in the case of long wicks. In doing so, we find an identical movement. On the way up, the Bitcoin price bounced on the 0.618 Fib level and is currently only slightly below it. To conclude, the correction beginning in 2013 and the ensuing market cycle have similarities with the upward move beginning in December 2018. The bottoms in Jan 2015 and Dec 2018 could represent similar points in the market cycle. Therefore, we have either already reached a bottom or are very close to doing so — and an upward move signaling the beginning of a new market cycle will soon follow.
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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In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.