Nowadays almost everyone in the crypto scene know that Bitcoin has increased its value in 5 years from almost 0 usd to almost 8.000 usd recently. If we shorten the timeframe we could say that in 2 years (since November 2012 to November 2014) Bitcoin price boosted from nearly 2 usd to nearly 1.100 usd. And from that level it has multiplied its value nearly 7 times to get to 7.800-7.900 usd zone in three more years.
We have faced stunning rises and skyrocket bullish runs, any drop in price was but a great opportunity to buy back and increase long positions. Now the question is... shall we see similar patterns with any of the huge amount of cryptocurrencies currently in the market?. To ilustrate this let me show you one Quiz. Spot the differences...
If we look at both charts we can see two similar patterns. Both have a first initial bullish wave from lows, and then an aggresive rise in three waves (bullish period), followed by a period of consolidation which ends near the zone of the second wave peak. Climbs and retracements follow similar structure in the two patterns, and so the proportions and length of each move. Moreover, both periods are almost identical in length. How come? Are they sibling coins?. Ok, let's see the solution to the quiz...
Yes, the solution has one name: NEO. Formerly Antshares, it has surged to become a legitimate inheritor of Bitcoin in Asian markets. Since it started to be traded in Bittrex late in 2016, it's been worth less than 1 usd and more than 55 usd (in August 2017). Since that high it has been consolidating, dropping steadily and softly to last week levels around 26 usd. After the Segwit2x cancellation, most cryptos have started an upward trend, and at this point is when we must pay special attention to figures:
Consider it and evaluate it by yourself, take your own conclusions, but don't take it too serious... it's just a Quiz
Caerus Eminence
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