Similarities in Price action to spring-summer 2018

Similarities in Price action to spring-summer 2018

I sincerely hope I’m wrong but it’s hard to ignore the similarities in this price action, which could clue us in on distribution tactics by large market participants.

Both had the lead in dump, followed by sharp move back up which soon bled off then both reversed with the same head and shoulders pattern and concluded at nearly the exact same price levels. Also, looking at the 3 day BBands it was the first time in both instances where the upper 3 day bband line was touched.

The difference in our current scenario is the upcoming halving, which seems historically bullish so take it with a grain of salt. If it does start to play out in a similar manner I’ll be referring to this previous PA for clues.

Hope i’m wrong because I’m still in a positional long targeting upper 8ks from previous idea here, although I’ve taken off over 50% of it.

Published at Mon, 13 Jan 2020 04:48:00 +0000

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