Fractal , it seems BTC repeating last month breakout behavior
Actualizado
Fractal regeneration in process:
A double top then a big bear flag then a deep down spike and some bottoming and finally a break out, it is the thing that can be seen on process led to big breakout from 6500 to 7500 last month:
This pattern repeated three or four times from ATH (plz check a daily chart to see three of them) but the difference for the one on last month is that the deep spike led to a bottoming and consolidation process and then a breakout. The current fractal is similar to last month fractal and a big difference of current one with all those previous fractals were sequentially lower and lower than previous ones in a row except this current one that is higher than the last one; this could be a sign of change in trend in general.
A double top then a big bear flag then a deep down spike and some bottoming and finally a break out, it is the thing that can be seen on process led to big breakout from 6500 to 7500 last month:
This pattern repeated three or four times from ATH (plz check a daily chart to see three of them) but the difference for the one on last month is that the deep spike led to a bottoming and consolidation process and then a breakout. The current fractal is similar to last month fractal and a big difference of current one with all those previous fractals were sequentially lower and lower than previous ones in a row except this current one that is higher than the last one; this could be a sign of change in trend in general.
Nota
This fractal is still in play, for a conclusion it must continue its bottoming process, if we refer to last month fractal this bottoming should take some time, may be days. Market observation reveal these:
-Among traders there is no talk of extreme downward moves, unlike one month ago.
-Even neutral or bulls mostly wish for a dip to buy cheaper, around 8600-8800 area, before resuming uptrend.
-Overall it seems the current move perceived mostly as a correction and not a crash.
Nota
price touched a bit below 9000 and bounced to 9340. In comparison to fractal, this large and quick upward is similar to spike down and back of last time; so price action axis should be around 9350 in consolidation swings for some time considering fractal.Nota
cup and handle formation in progress, target is around 9550Nota
fractal is still in play, it seems conclusion is near; price dropped remarkably for second time after start of bottoming process in fractal it happened (rise and fall) three times before breakout; so it may one more rise and drop left, if price action complies with fractal.Nota
here is an update post:
Publicaciones relacionadas
Exención de responsabilidad
La información y las publicaciones que ofrecemos, no implican ni constituyen un asesoramiento financiero, ni de inversión, trading o cualquier otro tipo de consejo o recomendación emitida o respaldada por TradingView. Puede obtener información adicional en las Condiciones de uso.