Pi Network - auto mobile mining: Join now and be one of the pioneers!!


The cryptocurrency industry has recently been flooded with positive news about the possible adoption of the technology. Yesterday, the CEO of Twitter, Jack Dorsey, was seen in Nigeria and Ghana, discussing the possibility of Bitcoin adoption.

The Bitcoin price, however, has failed to increase as a result of the positive news.

The price has been decreasing since reaching a high of $13,764 on June 26. If the Bitcoin price follows a similar pattern to the two previous corrections in 2012 and 2016, respectively, it will reach a higher high on January/February 2020.

Cryptocurrency trader @IamCryptoWolf stated that corrections after the first upward move following a bear market take roughly 200 days to be completed. Therefore, we have a few months left in the current one for a new high to be reached.

The two previous corrections lasted 184 and 206 days, respectively. Let’s take a closer look at the Bitcoin price and see if any more patterns emerge.

2012 Movement

On November 18, 2011, the Bitcoin price began an upward move from $2.02 to an eventual high of $7.19. Afterward, a 184-day correction ensued. The price broke out from a descending resistance line, before validating it as support and moving upward.

During this movement, the Bitcoin price was trading above the 200-day moving average (MA). A bearish cross between the 100- and 200-day MAs was very close to occurring — but it was rejected as the price continued moving upward.

After 184 days, the Bitcoin price moved above $7.20.

BTC 2012 Movement

BTC 2012 Movement

2016 Movement

On August 25, 2015, the Bitcoin price made a low of $198.38 — before beginning an upward move towards an eventual high of $501.22.

Afterward, a 206-day correction ensued — transpiring in the form of an ascending triangle. During this movement, the Bitcoin price was continuously above the 200-day MA. Similar to the 2012 movement, a bearish cross was close to occurring, but it was rejected and the price broke out after 206 days.

BTC 2016 Movement

BTC 2016 Movement

Current Bitcoin Price Movement

The Bitcoin price reached a low of $3148 on December 14 — before beginning an upward move and eventually reaching a high of $13,764. It has been decreasing since.

On October 25, it broke out from the descending wedge it had been trading it. Afterward, it validated the resistance line as support. This is akin to the 2012 movement.

The 100- and 200-day MAs are close to making a bearish cross. If this correction follows the two previous ones, this cross will be rejected and the Bitcoin price will continue moving upward.

A breakout after 200-220 days would cause the Bitcoin price to reach a high above $13,764 within January-February of 2020.

2019 BTC Movement

2019 BTC Movement

Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.

Images courtesy of TradingView, Twitter.

Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

No Comments

Be the first to start a conversation

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.


Pi Network - auto mobile mining

Become one of the pioneers!!

Random Posts


"Your Headline Here How I Made $4947 In 1 Month"

Lorem pretium lorem orci elit nunc imperdiet nec vel sit pretium hendrerit amet nec orci gravida gravida sapien purus massa

Quick Bio About Me

mypicmeLorem proin accumsan accumsan volutpat ut nullam odio eleifend libero quisque ipsum gravida eleifend dolor nunc sagittis venenatis orci eleifend lorem quisque venenatis non sagittis sagittis ipsum nunc.

lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris ornare congue lacinia auctor lorem quis quis lacus eleifend pretium eros sed consectetur venenatis praesent sapien consectetur dolor nullam laoreet orci mauris


  • Resource 1

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

  • Resource 2

    Lorem sed praesent quisque auctor libero eros lorem nec praesent accumsan ornare venenatis nullam.

Random Blog Posts

© 2023 Cryptoracle.info - Crypto News