Bitcoin Looks Almost Just Like It Did Ahead of the 2016-2017 Explosion

Bitcoin Looks Almost Just Like It Did Ahead of the 2016-2017 Explosion

Bitcoin Looks Almost Just Like It Did Ahead of the 2016-2017 Explosion aaronneff209466 September 5, 2020 Share
Bitcoin Looks Almost Just Like It Did Ahead of the 2016-2017 Explosion
The chartist shared the chart below on September 3rd. It demonstrates that BTC’s going to bounce off a critical downtrend from the $20,000 all-time large.
Should history repeat, BTC Won’t start its bull run after it prints a clean bounce off current price levels:Published at Sat, 05 Sep 2020 06:32:06 +0000 One trader recently shared this chart below. It shows that Bitcoin’s recent price action is actually a clear retest of a macro service amount, not a bearish breakdown as many have noted:
Chart of Bitcoin’s macro price action with analysis by crypto dealer HornHairs (@CryptoHornHairs on Twitter). Bitcoin has seen a powerful reversal over the past few days after it had been once more rejected at $12,000. The major cryptocurrency currently trades for $10,500, trading around pivotal technical levels. BTC has yet to post a notable close above or below these critical levels, but traders are keeping a close eye on the charts. One analyst claims that Bitcoin’s recent weakness is actually just par for the program. He notes that from a macro standpoint, BTC really looks similar to where it had been when it started the 2016-2017 exponential rally. This is based on a series of analysts who say Bitcoin stays in a good spot on a macro time period despite recent weakness. Bitcoin Could Soon Surge if History Repeats Itself
“BTC per week: 2015 -vs- 2020. Following the successful 2015 retest, BTC ran 8,000% to the Dec 2017 ATH. Silly hopium?”
Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com Bitcoin Looks Just Like It Did Ahead of the 2016-2017 Explosion
Corroborating this sentiment that BTC is on the verge of a macro upswing is other analyses of the cryptocurrency’s macro price action.
Chart of Bitcoin’s macro price action with a fractal analysis by crypto dealer and chartist”Nunya Bizniz” (@Pladizow on Twitter).
The fundamentals of the industry remain positive. For one, Fidelity Investments was recently revealed to have started work on a Bitcoin fund focused on offering BTC exposure to institutional clients. While not identical per se, BTC completed a similar retest at the start of the previous bull run, where it retested the immunity of the 1,300 all-time high as service before rallying higher. Not Entirely Unlikely: BTC’s Macro Chart Structure Remains Bullish
“$BTC funding and superior index reached the lowest it had been since March 19th yesterday… Except this time we are retesting a multi-year S/R level with a confirmed bullish break in MS all the way up into the monthly chart…”
Bitcoin is primed to start a macro rally from here if history repeats itself, a recent study by a crypto chartist indicates. Tags:

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