Similar Market Pattern Which Is a Warning for Bitcoin – December 22, 2020
Bitcoin Rally Similarities – Is This The Peak?
The recent rally in Bitcoin is strangely similar to the rally that took place in 2017. Although the range of price throughout the rally is somewhat different, the structure of price throughout the rally phase is very similar. Our researchers believe this similarity suggests a peak may be forming in Bitcoin and the big volume on Monday, December 21, 2020, may have represented a “blow-off peak” in price.
BITCOIN 2017 PEAK STRUCTURE
The following Weekly Bitcoin chart highlights the three rally phases that took place before the peak level was reached in December 2017. Pay very close attention to the structure you are seeing on this chart and the highlights we’ve made to help you understand how the price structure is being mirrored in the current rally phase.