Bitcoin's Favorite Fractal! (BTC)
Hello friends, traders. This, is an interesting fractal that seems to repeat on the log chart.
It's questionable whether or not this can be considered a reversal pattern, but given the circumstances I believe it to be. Currently, it's inconclusive. Remember, markets don't repeat; they rhyme
This is just something I wanted to point out. Make your own assessment of what it means, if anything. Remember many other factors are at play.
First identified here:
Again here:
And finally here:
I see two scenarios here:
1.) we complete the retracement from my last chart @ 5k and continue up, shown here:
2.) We are headed for a larger retracement, i.e. 4400, then continue up. Shown here:
For now, I will continue to observe. I already closed my short from 5400.
It's questionable whether or not this can be considered a reversal pattern, but given the circumstances I believe it to be. Currently, it's inconclusive. Remember, markets don't repeat; they rhyme
This is just something I wanted to point out. Make your own assessment of what it means, if anything. Remember many other factors are at play.
First identified here:
Again here:
And finally here:
I see two scenarios here:
1.) we complete the retracement from my last chart @ 5k and continue up, shown here:
2.) We are headed for a larger retracement, i.e. 4400, then continue up. Shown here:
For now, I will continue to observe. I already closed my short from 5400.
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