Preview Of The Peak: November Rains Red For Bitcoin Holders

Bitcoin price is struggling to maintain support at $60,000, having fallen more than 15% from the local record set earlier this month. But could the November rain storm that has resulted in a short-term bloodbath in crypto, be merely the final shakeout before the cycle peak is in? And could past cycles provide a preview of what this sort of scenario looks like? Let’s take a closer look. November Selloff Puts Four-Year Cycle Theory At Risk History is often said to repeat. Markets are also highly cyclical in their behavior. Within each cycle there are also matching harmonics that appear to rhyme without a ton of reason. That’s why price action often produces fractals that appear to match patterns from the past. The entire basis of technical analysis is the study of historical chart performance with the goal of predicting future outcomes. Related Reading | 10 Bullish Monthly Bitcoin Price Charts To Start November But a current example playing out in Bitcoin price could prove once and for all if there is real weight to the four-year cycle theory based on the cryptocurrency’s hard-coded halving event. Could November 2017 (left) be a preview of what's to come in 2021 (right)? | Source: BTCUSD on TradingView.com Will Bitcoin Price Follow The 2017 Finale Fractal? The chart above is a comparison between current day Bitcoin price action and the Relative Strength Index. If the leading crypto by market cap can h...