Hi friends! Welcome to this update analysis on Bitcoin! Let's get right to it! In front of you, I have the comparison charts of the current market situation (on top) to the 2015 bottoming pattern (on bottom.) Yesterday, price abruptly fell to the 50 EMA (in orange.) After yesterday's analysis, I compared that retracement to the 50 EMA, to the 2015 bottoming fractal that I have been following. What I found was very interesting.
As you can see, on the 2015 chart (on the bottom,) toward the end of the triangle (in black) and after the descending head and shoulders patter (in red) price had two pumps to the upside, it hit the top of the downtrend channel, and then fell sharply to the 50 EMA, exactly as it just did yesterday. Now that I have noticed that, perhaps we wont see the rally to the top of the channel (in blue) that I have been expecting. Perhaps we will just get those two pumps, and price will start to fall below the 50 EMA, continuing to mirror exactly what happened at the bottom in 2015, aside from the rally to the top of the channel. So, even if price breaks down below the 50 EMA, it will still be following the 2015 bottoming fractal, and it will still be bullish price movement. Admittedly, I would be more comfortable if we saw a pullback to the 50 after a rally to the top of the channel, but the fractal doesn't have to be exact. It just needs to maintain the general movement patterns, and by pulling back to the 50 EMA after two pumps, it's doing exactly that.
In the coming days, we will see if price holds or loses the 50 EMA. Either way, I see it as a bullish outcome, and I stand by my call that the market has bottomed, based on this incredibly accurate fractal that I have discovered.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-
As you can see, on the 2015 chart (on the bottom,) toward the end of the triangle (in black) and after the descending head and shoulders patter (in red) price had two pumps to the upside, it hit the top of the downtrend channel, and then fell sharply to the 50 EMA, exactly as it just did yesterday. Now that I have noticed that, perhaps we wont see the rally to the top of the channel (in blue) that I have been expecting. Perhaps we will just get those two pumps, and price will start to fall below the 50 EMA, continuing to mirror exactly what happened at the bottom in 2015, aside from the rally to the top of the channel. So, even if price breaks down below the 50 EMA, it will still be following the 2015 bottoming fractal, and it will still be bullish price movement. Admittedly, I would be more comfortable if we saw a pullback to the 50 after a rally to the top of the channel, but the fractal doesn't have to be exact. It just needs to maintain the general movement patterns, and by pulling back to the 50 EMA after two pumps, it's doing exactly that.
In the coming days, we will see if price holds or loses the 50 EMA. Either way, I see it as a bullish outcome, and I stand by my call that the market has bottomed, based on this incredibly accurate fractal that I have discovered.
Be sure to hit that follow button, and find me on Twitter, via the twitter link on my profile page, for more MagicPoopCannon content!
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-JD-