Hi traders. So far I did not trade Bitcoin but a first look on some breef historic statsitics show that BTCUSD follows the same price action pattern than most assests.
After seeing a cahrt of correlation of the Gold arally of 1980 and the Bitcoin rally that happens right now, and the correlation is surprisingly (why am I surprised, there is nothing new under the sun!) accurate. If this correlation continues then we will see some major sideways swings going forward. Pattern traders know that asvanced fibonacci pattern work best in siderways or consolidating cycles.
@irishdude5186, Bleed or not is depending ony our trading approach. If indeed BTC saw its long time high this year and will not trade any higher for the next couple of years, just like Gold did...
Then one can still trade the swings within the rabge of 2700 - 1800 which should provide plenty of profitable opportuniies. Advanced Price Pattern like, Gartley and Co but Also wolfe waveand ABCD into S/R can potentially be very profitable apporaches for the next years.
postforsberg
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Ahh. okay. I educated myself on the Gold Rally of 1980. I see what you mean. Yes. it looks exactly like that.
LorbeerInv
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@postforsberg, Hi there. I wouldn´t say predict. It´s a potential upcoming simple pattern. If however a double top does forms in this resistance area I do see some mid term downside potential. Below is a chart of my preffered trading secenario. Time will tell but in Forex it happens freequently that I call a perfect run on similar set ups. Since April my forex signals are independantly verified so feel free to look at my credentials: myfxbook.com/portfolio/personal-slave/2099276 or you may follow @LorbeerInv on Twitter or visit lorbeerinvestment.com
postforsberg
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@LorbeerInv, Thx. I will. Have a nice weekend and thax for your time to answer.
LorbeerInv
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@postforsberg, Your welcome. Have a nice week end too, hoping to find you back in the discussion next week
postforsberg
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So your prediction is that BTC will hit a double top and then slowly fade out to a lower price? Are you skilled in trading other securitys like forex?