$BTC 1W Fractal: 2017 vs 2020
HISTORY DOESN’T REPEAT, BUT IT SURE DOES RHYME…
With the lastly value drive; largely created by DeFi projects – more and more people are discussing the new bull market. While it is too early to make a definitive call; it is more likely than not that the market has turned and broken it’s falling resistance. This can be seen is most of the major coins right now.
For BTC , this gives us a great chance to dust off the old 2017 bull and check where we are in the trend. While the July ’19 rally and the March ’20 dump where abnormal to the previous pattern – both those were probably micro event driven actions, rather than specific actions of BTC . The dashed lines on both patterns demonstrate the curvature of the macro movement – and it is hard to ignore the similarity between the patterns.
For those looking to replicate, this is using OC bars and not HL bars, so factor that in…
There are some subtle differences in the patterns though; with the previous being at the previous high water mark by this point; as compared to the current chart which still has 50% of to recover. Given the drop caused by COVID, we are probably seeing the impacts of that extra movement. For context, the 2016 rally back up to the previous high was an 80% upward move in 133 days. This is compared to the move we have currently seen which is almost 150% over 150 days.
Exciting times are ahead. Game on.