Hi Traders, Investors and Speculators of the Charts 📈📉
In today's analysis, I take a look at a fractal that played out on Bitcoin from 2018 - 2019 over a few months. Fractals can be very helpful to give an idea how the price action behaves after certain trends, which is where trend lines become especially useful in conjunction with fractal strategy. I think the chart is self explanatory, but feel free to pop me questions in the comments section.
I believe there is an important balance between trend line analysis / chart analysis, and technical indicator analysis. I find that trend analysis ( trend lines, support zone and resistance zone ) is really helpful for longer term, whilst technical indicators can be very useful for the shorter term. Important to note that today's analysis is focused on near term, in other words not exceeding 3 months. According to my technical analysis on BTC yesterday, I expect the price to correct for the immediate term.
Yesterday, we discussed my two favorite technical indicators : the Phoenix Ascending and Bollinger Bands . Together, they point to harsh short term selling pressure. Bears have taken control for the immediate term, and according to the BBands, 19K is a next likely stop for the short term. See more details below:
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