Good day everybody it’s trader Cobb here it’s the 19th of October and look I just noticed a couple of things on the Bitcoin chart that I thought would be worthwhile pointing out um history repeats itself the reason that technical analysis or certain technical analysis works because some of a dozen is absolute rubbish but some some works the reason some of it does work is because of history it’s human psychology and what I’ve just spotted here is something similar I thought we saw a little while back let me zoom in a little bit sure my case in point here this candle here yesterday to 24 hours look at this it went from 5,600 down to just about 5,000 is there a 5 $500 ish move okay from the from the extremities of the candle the high to the low when did we last see this and look the other thing is after a very long extended run we saw this been with note this we saw a very extended run and then we saw the web now of course it’s not identical that for example there was a few days of selling before we saw this candle this candle was green this candle is red equally foolish both rejecting the lows this one back here did pull back a little bit further into that zone as you can see a broke below the 20-period moving average last time but the fact the matter is and this is the truth we we saw a very strong run up we saw this this very sharp candle being the catalyst and the rejection of up before I move to the upside okay what we’ve seen again here is a very strong run up a big a big whipped candle a very strong rejection not even close which so we did get close to 5,000 we were good hundred bucks above and you know based on the fact that history does repeat itself and that is quite a violent move and I want to show it to in the lower timeframe because I often go there and just see how price reacted you can see you know we’re dripping so dipping down the buying just came back and it’s being sustained you know it’s not really slowed down on this one-hour chart the selling you can see you know moves lower pull back in move lower pull back in move low pull back in quite characteristic of a fairly you know tasty and and and flowing downtrend with lower lows and lower highs the spring back out we haven’t really seen it you know not seen this succession of La Hire so higher loads in the higher highs it’s just sort of continue to move up and it does look quite strong so look I’m not saying that we’re gonna see you know I’m not suggesting we’re gonna see massive moves to the upside it certainly wouldn’t surprise me but what I am suggesting is that you know we’ve seen this occur before and before we saw so last time I saw it occur we did see a bit more movement out of Bitcoin before the pull back it wouldn’t surprise me at all now all in all Bitcoin does look very bullish from this point of view it is in an uptrend this merely looks to me like a rejection it looks like a higher low and I wouldn’t be surprised at all if we saw Bitcoin break up to new all-time highs and above 6,000 in the coming days guys hope you’re trading well bye for now.

By Trader Cobb -

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