The good news for bitcoin enthusiasts is the price is almost done falling.
Almost.
Don't take my word for it, even though I'm one of the most accurate predictors of bitcoin's price, nonstop since 2011.
As I've been saying since the December top at $20000 USD, bitcoin corrections are always U-shaped, and they often follow predictable patterns. I've been explaining this for so long, in YouTube videos and Steemit posts, but I'll try again, using the latest logarithmic weekly chart:
(Right click and 'view image' to see in full detail.) I've highlighted the current correction, and the related portion of the 2014 correction. Hopefully, several similarities already jump out at you. We can zoom in to match up major chart features.
Check out the moving averages (orange and light blue lines). They're almost the same shape. The blue line falls below the orange line, attempts to get back above it, falls to a new low, turns upward once more and then falls to the ultimate low. Only then can it flirt with the orange line again and begin to move above it, indicating recovery.
Next, check out the colour-coded chart features. For some reason (as I've been saying since almost the start), this pullback has been almost identical to the previous one.
The only main difference between the corrections is how quickly we progress through the different features. It's only taking about two thirds the time it did in 2018.
Assuming the trend continues, we'll have one more big crash (to about $4000) in about a month:
It looks like 2019 will be a year of recovery and 2020 will bring new highs.
If I was trading this chart, I'd be setting maximum bets and sleeping like a baby. When Bitcoin hit $8500 last week, everybody said "to the moon". I said it was at a top. It has fallen every day since and just went under 7300 as I'm typing.
But I'm not an investor and I don't trade. I'm just really good at pattern recognition. Hopefully this post helps you see the same patterns I'm seeing.
I look forward to the cryptocurrency market's recovery, after this final crash to wash out the last of the weak hands.
Invest/trade/collect/buy/sell/transact at your own risk and reward.
DRutter
