BITCOIN: 2017 v 2019: What happens if we break $6k
There is some similarity between 2017 and 2019 in the way in which we bottomed from $5k->3k 2017 and broke back to $5k.
It took a lot longer this time in a bear market.
Overlay & Extrapolate that trend and Dec 2019 could be fruity if we can get over the Tether risk (which is significant at this point and i am very cautious about being long until there is more information)
This is more of an observation than a forecast but the resistance levels illustrated do make sense as you can see.
If we break 6k i would be bought into this idea having some chance of comming to fruition due to the strength of the fomo in this market.
It took a lot longer this time in a bear market.
Overlay & Extrapolate that trend and Dec 2019 could be fruity if we can get over the Tether risk (which is significant at this point and i am very cautious about being long until there is more information)
This is more of an observation than a forecast but the resistance levels illustrated do make sense as you can see.
If we break 6k i would be bought into this idea having some chance of comming to fruition due to the strength of the fomo in this market.
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The right hand 2019 chart is running 4x slower than the left hand chart, so comments pointing out how it will take more time than 2017 show inability to read the chart.
Ill also argue another reasons why it could happen like this if thether doesnt destroy the market:
- The uptrend shown is around the same length as the down trend.
- The halvening hype
- FOMO