Crypto traders are seeing something new on their screens — a creeping bid. We noticed two particular things about the creeping bid in Bitcoin (BTC).

First, the number 89 is frequently important in Fibonacci analysis.

Second, the 89 figure is relevant to the recent consolidation. In particular, this weekend’s rise is coming off the tail end of the 89 day period consolidation. This 89-day bullish consolidation is the mirror image of the 89-day consolidation that market lived through right before the drop in Bitcoin (BTC) in Q4 of 2018.

Coming out of the 2018 consolidation, BTC creeped lower then held for a week, and then it collapsed (Figure 1).

 Figure 1

In the 2019, the creeping bid has started. If 2019 is the mirror image of 2018, then perhaps we’ll see a major rise. We continue to believe that Bitcoin (BTC) is on the verge of something potentially big. If the 2018 analog holds, investors have some time to set up a strategy and stop losses.

Bottom Line: We view the slow moving nature of the rally as a constructive sign for now. It may give long-term investors time to plot an entry strategy.

As always, the Crypto.IQ Trading Desk is hard at work identifying how to take advantage of the next big opportunity in Bitcoin (BTC).

Join me there.