Bitcoin 2014 Bulltrap prior to bottom
I am a fractal fanatic. Fractals are a double edged sword. An equity will act similarly in similar situations due to human psych repetitive behavior but, not the exact same. It should merely be used as a guide/hypothesis not literally.
Here we see after Bitcoin peaked towards the end of November 2013, price retraced roughly 75% touching the perceived bottom multiple times forming a descending triangle (much like it is doing in the current bear market), only to explode out into a vicious bull trap. The bulltrap/dead cat bounce retraced just past the 0.38 of the preceding downward move from the high of 11/2013, only to continue downwards ultimately reaching new lows. I will apply many of these ideas to the current bear to demonstrate that once again, it is behaving similarly. Enjoy!
Here we see after Bitcoin peaked towards the end of November 2013, price retraced roughly 75% touching the perceived bottom multiple times forming a descending triangle (much like it is doing in the current bear market), only to explode out into a vicious bull trap. The bulltrap/dead cat bounce retraced just past the 0.38 of the preceding downward move from the high of 11/2013, only to continue downwards ultimately reaching new lows. I will apply many of these ideas to the current bear to demonstrate that once again, it is behaving similarly. Enjoy!
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