dgcaste

History repeats itself

BITSTAMP:BTCUSD   Bitcoin
It's not hard to see that Bitcoin is somewhat fractal and patterns can be predictable. First I'll describe the top right channel, in three colors to represent the subsequent higher lows, which created tighter subchannels. A bounce just now at the dotted red line is a confirmation that the pattern wants to make even higher lows despite small price corrections.

The main point of my thesis is that just recently BTC broke out of its consolidation channel to fail back into it, then broke back a second time (2), and the third time it found support at the top of the channel (3) which is a clear bull signal for a continuation. In the top right channel group that's going on right now the price has failed twice back into the channel just like (1) and (2). In this third attempt that's coming up right now a breakout from the channel and support on the top trendline signals a continuation. Another dip into the trend channel and under the red dotted line will likely trigger a significant breakdown.

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