The final phase rally in 2020 has, so far, consisted of a $14,435 price rally (+146%) whereas the 2017 final phase rally consisted of a $16,704 price rally (+553%) and the current 2020 final rally phase has moved $14,435 (+146%). The current rally phase in 2020 initiated near a low price level on Septemand generated a break-out rally on Octo– only 8 trading days difference between the 2020 breakout bar and the 2017 breakout bar. Lastly, the final rally phase in 2017 initiated near the end of September 2017 and really broke-out in Octo– then peaked about 60 days later near December 17, 2017. The actual price ranges of these second phase rallies are very similar and the start and end dates of these rallies are strangely similar – even though the end dates are more than 30 days apart. In this instance, we are focused on the similarities in the price ranges of these second rallies and the dates of these rallies. In 2017, this second rally phase consisted of a $3061 price rally (+166%) which ended on September 15, 2017. Remember, in 2017, this first contraction phase ended in July 2017 also – just an odd similarity, or is this something more critical to understand?Īfter this contraction phase ended, in July 2020, another rally phase initiated pushing Bitcoin prices higher by about $3225 (+35.75%) which ended in August 2020. Next, a moderate price decline setup after that first rally phase which setup a deep RSI low level in July 2020. We believe the similarities in the rally percent ranges align close enough to consider both initial rally phases similar. Next, the initial rally in 2017 consisted of a $2082 (+233%) rally phase whereas the current rally from the March 13 lows consisted of a $6750 rally (+186%) in price. Although there are minor price range variances related to the size and scope of the different price wave structures, the technical setup is almost identical to the 2017 rally phase.įirst, the bottom after the COVID-19 decline setup on Ma– only about 14 trading days away from the Mabottom. This next current Bitcoin Weekly chart, below, highlights the similarities between the 2017 rally and the current rally phase. Are we witnessing a mirror example of this same type of price action in the current Bitcoin rally?
![bitcoin price december 2017 price chart bitcoin price december 2017 price chart](https://image.coinpedia.org/wp-content/uploads/2018/11/27105720/Bitcoin-price.png)
Next, pay attention to how the end of the rally phase broke below the support channel on the RSI (in RED) and began a excess phase contraction of over $16,000 (-84%) that lasted until December 2018 (near $3135).
![bitcoin price december 2017 price chart bitcoin price december 2017 price chart](https://www.fnqcomputers.com.au/wp-content/uploads/2018/01/eth2017.png)
Lastly, a breakout rally initiated in October 2017 and reached the peak price level on Decemnear $19,666. This second rally initiated near July 2017 and was followed by another brief consolidation period. Then, a second rally phase pushed Bitcoin prices higher to $4979 – spanning a rally phase of nearly $3050 (the second Green Arrow). Notice how this deeper low level in RSI set up a momentum base for future trends. After, a mild correction took place which setup a deep trough on the RSI indicator (in the lower pane of this chart).
![bitcoin price december 2017 price chart bitcoin price december 2017 price chart](https://www.darrenwinters.com/wp-content/uploads/2017/09/Bitcoin-USD-Price.png)
Initially, we saw a $2100 rally in Bitcoin which setup a peak near $2980 that initiated near Ma(the first Green Arrow on this chart).