This chart is saying a massive F*ck you to the herd who joined late for the easy money end of 2017, who panic sold thinking it would tank to zero or close to it. This market is punishing this herd who probably panic sold between 6k and 3k. These punishing reversals type of moves are happening in almost every market cycles.
They are the perfect symmetrical opposite moves as the punishing raising parabolas who trap the herd that thinks the asset will keep on raising forever close to the top of the cycle.
Bitcoin is now probably going to keep on raising brutally and progressively, as these same late investors and newcomers are about to Fomo and frenzy join successively, as they realise this asset is not going to zero. Market cycles.
They should FOMO too IMO. The ability for the average Joe to actually buy an whole bitcoin is quickly running away. Eventually people will be talking in terms of "How many Satoshi do you have?" rather than "How many Bitcoin do you own?"
A good point for those who so religiously believe in TA, that they think that the chart history of any asset must repeat itself precisely.... TA of course has value but these fools who keep confidently calling for btc to retrace since 4k and/or tank, are so chock full of vacuous sh*t ... they don't actually see how outright wrong their TA predictions are because when they get a call right every 1 of 4, they pat themselves on the back along with their vapid following who have much much less btc value than they would have had by respecting market sentiment and going along with the common sensical market flow (when sentiment is up now or when heading down many times in the past)
GJMRealEstate
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soon 20k will look like one of those bumps in the chart from 2016.
Giovi6969
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@gjmullen,
Incredibly this is the most likely scenario imo...
TheAlphaTrades
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Thanks for your analysis! Great work :)
We called the break of 8300 and to humble ourselves we must look at the bigger picture at play to not get slaughtered and give back all our gains back to the machine. Be cautious and read about the potential "TOP" of BTC here: