create account

Based on History, we should probably trust this Break-Out in Bitcoin by jrcornel

View this thread on: hive.blogpeakd.comecency.com
· @jrcornel ·
$14.69
Based on History, we should probably trust this Break-Out in Bitcoin
# Should we trust the current break-out in Bitcoin prices?

Bitcoin is breaking out, but should we trust the breakout or are we due for a pullback  shortly after sending us back to where we came from?

Bitcoin recently broke out of its descending triangle pattern to the upside, which shouldn't come as too much surprise for those following my blog and seeing how closely we have been following past patterns.

Here you can see the clean breakout of the descending triangle on the daily chart:

![image.png](https://images.hive.blog/DQmUPCyMWcKUwS7oKHTeWdf4M8Z11nTtcrgswVMs5HwytZm/image.png)

(Source: https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD)

However, it hasn't escaped my eye that the breakout isn't quite as strong as I would have liked to see, at least not yet.

It's given up a major chunk of the initial surge that broke the triangle pattern and seems to be giving back more of the gains as the minutes tick by.

This is likely in part being driven to the carnage going on in Wall Street right now as it is seeing one of its biggest drops in months today due to all the uncertainty going on surrounding GameStop and the potential collateral damage that may or many not be coming.

# History says we should trust this breakout...

Based on what we saw back in 2017, we should probably be trusting this breakout.

Back in 2017, there were 5 dips of roughly 30% during the main portion of the post halving bull market.

And these dips, lasted on average, roughly 3 weeks in time.

More on those stats can be seen here btw:

https://hive.blog/hive-167922/@jrcornel/in-2017-the-average-pullback-during-the-bull-market-was-roughly-3-weeks-long

https://hive.blog/hive-167922/@jrcornel/on-average-bitcoin-surges-153-after-correcting-by-30-during-the-last-bull-market

The clearest picture of those metrics can be seen on this chart:

![image.png](https://images.hive.blog/DQmVZuUvoeAUUgRhBPvxTrFrHVrJnKnBUdgh9qgXSBFMmJo/image.png)

(Source: https://hive.blog/hive-167922/@jrcornel/on-average-bitcoin-surges-153-after-correcting-by-30-during-the-last-bull-market)

Well, it just so happens that this recent pullback dipped just over 30% and it has lasted roughly 3 weeks in duration.

I'm no math mathematician, but I am seeing a remarkably similar pattern right now.

If history does go on to repeat here, we would expect to see at least a 100% gain off of those pullback lows around $29k.

That means our target coming out of this dip is somewhere up around $60k.

Time will tell if we continue to follow these patterns, but so far so good.

Stay informed my friends.

-Doc

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@jrcornel/based-on-history-we-should-probably-trust-this-break-out-in-bitcoin)
👍  , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , and 289 others
properties (23)
authorjrcornel
permlinkbased-on-history-we-should-probably-trust-this-break-out-in-bitcoin
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["bitcoin","crypto","news","finance","palnet","neoxian","life","investing","leo","stats","leofinance"],"canonical_url":"https://leofinance.io/@jrcornel/based-on-history-we-should-probably-trust-this-break-out-in-bitcoin","links":["https://www.tradingview.com/chart/?symbol=BITSTAMP%3ABTCUSD","https://hive.blog/hive-167922/@jrcornel/in-2017-the-average-pullback-during-the-bull-market-was-roughly-3-weeks-long","https://hive.blog/hive-167922/@jrcornel/on-average-bitcoin-surges-153-after-correcting-by-30-during-the-last-bull-market"],"image":["https://images.hive.blog/DQmUPCyMWcKUwS7oKHTeWdf4M8Z11nTtcrgswVMs5HwytZm/image.png","https://images.hive.blog/DQmVZuUvoeAUUgRhBPvxTrFrHVrJnKnBUdgh9qgXSBFMmJo/image.png"]}
created2021-01-29 18:19:27
last_update2021-01-29 18:19:27
depth0
children13
last_payout2021-02-05 18:19:27
cashout_time1969-12-31 23:59:59
total_payout_value8.614 HBD
curator_payout_value6.072 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length2,737
author_reputation2,133,450,396,741,846
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,615,282
net_rshares63,254,791,835,927
author_curate_reward""
vote details (353)
@bozz ·
I kind of agree, this morning I was thinking we might actually see $40k again today and now it looks like it is pulling back a little bit again.  Down in the $34k to $35k range.  Of course the day is far from over.  As always I enjoy and value your analysis!

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bozz/re-jrcornel-2qsjn6)
properties (22)
authorbozz
permlinkre-jrcornel-2qsjn6
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["hive-167922","leofinance"],"canonical_url":"https://leofinance.io/@bozz/re-jrcornel-2qsjn6"}
created2021-01-29 18:42:27
last_update2021-01-29 18:42:27
depth1
children3
last_payout2021-02-05 18:42:27
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length349
author_reputation2,279,544,280,794,689
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,615,569
net_rshares0
@jrcornel ·
While it took about 3 weeks on average to bottom, it took roughly 4-6 weeks in most cases to make new highs from those lows. So, when I say the breakout will likely lead to new highs, I mean over the coming weeks, not straight away.
👍  
properties (23)
authorjrcornel
permlinkqnplr0
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2021-01-29 18:52:12
last_update2021-01-29 18:52:12
depth2
children2
last_payout2021-02-05 18:52:12
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length232
author_reputation2,133,450,396,741,846
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,615,673
net_rshares6,616,076,790
author_curate_reward""
vote details (1)
@bozz ·
Haha, okay thanks.  If you haven't figured it out yet, I am a bit impatient!  

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/@bozz/re-jrcornel-3qhrbf)
properties (22)
authorbozz
permlinkre-jrcornel-3qhrbf
categoryhive-167922
json_metadata{"app":"leofinance/0.2","format":"markdown","tags":["hive-167922","leofinance"],"canonical_url":"https://leofinance.io/@bozz/re-jrcornel-3qhrbf"}
created2021-01-29 19:03:06
last_update2021-01-29 19:03:06
depth3
children1
last_payout2021-02-05 19:03:06
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length169
author_reputation2,279,544,280,794,689
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,615,786
net_rshares0
@cryptographic ·
$0.02
I'm looking for more consolidation/accumulation, basically a sideways range between 29 & 42 for a while longer. More "basing" if we can call it that at this point - looking back from sometime in the future, I think it'll look that way. Lot's of people see parabolic, but I think it's still constructive market structure basing, again, on a humongous scale (the 2017 spike high is included in that structure!).
👍  
properties (23)
authorcryptographic
permlinkqnpku8
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2021-01-29 18:32:21
last_update2021-01-29 18:32:21
depth1
children3
last_payout2021-02-05 18:32:21
cashout_time1969-12-31 23:59:59
total_payout_value0.010 HBD
curator_payout_value0.010 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length409
author_reputation111,198,190,831,086
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id101,615,445
net_rshares139,451,544,505
author_curate_reward""
vote details (1)
@jrcornel ·
It won't make new highs right away, but to me this looks like exactly the same pattern we saw previously. While it took about 3 weeks on average to bottom, it appears to have taken about 6 weeks to make new highs again from those lows. So the new highs I referenced likely won't happen tomorrow etc.
properties (22)
authorjrcornel
permlinkqnploz
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2021-01-29 18:51:00
last_update2021-01-29 18:51:00
depth2
children2
last_payout2021-02-05 18:51:00
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length299
author_reputation2,133,450,396,741,846
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,615,664
net_rshares0
@cryptographic · (edited)
I'm watching the mid-Bollinger on the daily right now. (Just for fun, of course. As you know, I don't trade anymore.)
properties (22)
authorcryptographic
permlinkqnplyi
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2021-01-29 18:56:30
last_update2021-01-29 19:51:24
depth3
children1
last_payout2021-02-05 18:56:30
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length117
author_reputation111,198,190,831,086
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd0
post_id101,615,720
net_rshares0
@hivebuzz ·
Congratulations @jrcornel! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

<table><tr><td><img src="https://images.hive.blog/60x70/http://hivebuzz.me/@jrcornel/posts.png?202101291943"></td><td>You published more than 2300 posts. Your next target is to reach 2400 posts.</td></tr>
</table>

<sub>_You can view your badges on [your board](https://hivebuzz.me/@jrcornel) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>
<sub>_If you no longer want to receive notifications, reply to this comment with the word_ `STOP`</sub>



**Check out the last post from @hivebuzz:**
<table><tr><td><a href="/hivebuzz/@hivebuzz/pud-202102"><img src="https://images.hive.blog/64x128/https://i.imgur.com/805FIIt.jpg"></a></td><td><a href="/hivebuzz/@hivebuzz/pud-202102">Next Hive Power Up Day is February 1st 2021</a></td></tr></table>
properties (22)
authorhivebuzz
permlinkhivebuzz-notify-jrcornel-20210129t200847000z
categoryhive-167922
json_metadata{"image":["http://hivebuzz.me/notify.t6.png"]}
created2021-01-29 20:08:45
last_update2021-01-29 20:08:45
depth1
children0
last_payout2021-02-05 20:08:45
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length917
author_reputation369,411,871,991,767
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,616,797
net_rshares0
@intothewild ·
55K coming up soon! Buckle up!
properties (22)
authorintothewild
permlinkre-jrcornel-qnpm92
categoryhive-167922
json_metadata{"tags":["hive-167922"],"app":"peakd/2021.01.3"}
created2021-01-29 19:03:03
last_update2021-01-29 19:03:03
depth1
children1
last_payout2021-02-05 19:03:03
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length30
author_reputation59,030,451,573,789
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,615,784
net_rshares0
@jrcornel ·
History supports your thoughts! Though it may take a few more weeks yet.
properties (22)
authorjrcornel
permlinkqnpmme
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2021-01-29 19:11:03
last_update2021-01-29 19:11:03
depth2
children0
last_payout2021-02-05 19:11:03
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length72
author_reputation2,133,450,396,741,846
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,615,932
net_rshares0
@stefano.massari ·
I believe that BITCOIN can now restart to return to $ 40,000
properties (22)
authorstefano.massari
permlinkre-jrcornel-2021129t215643195z
categoryhive-167922
json_metadata{"tags":["bitcoin","crypto","news","finance","palnet","neoxian","life","investing","leo","stats","leofinance"],"app":"ecency/3.0.12-mobile","format":"markdown+html"}
created2021-01-29 20:56:42
last_update2021-01-29 20:56:42
depth1
children1
last_payout2021-02-05 20:56:42
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length60
author_reputation350,346,998,812,768
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,617,301
net_rshares0
@jrcornel ·
History suggests that it is beginning.
👍  
properties (23)
authorjrcornel
permlinkqnrcuz
categoryhive-167922
json_metadata{"app":"hiveblog/0.1"}
created2021-01-30 17:35:21
last_update2021-01-30 17:35:21
depth2
children0
last_payout2021-02-06 17:35:21
cashout_time1969-12-31 23:59:59
total_payout_value0.000 HBD
curator_payout_value0.000 HBD
pending_payout_value0.000 HBD
promoted0.000 HBD
body_length38
author_reputation2,133,450,396,741,846
root_title"Based on History, we should probably trust this Break-Out in Bitcoin"
beneficiaries[]
max_accepted_payout1,000,000.000 HBD
percent_hbd10,000
post_id101,629,234
net_rshares51,706,234,806
author_curate_reward""
vote details (1)