I found another bearish fractal for Bitcoin that occurred in July 2019, suggesting it may start another leg down from here until the halving.
I feel the bounce of Bitcoin over the last few days has been too fast, although its volatility remains high, with around a 6% daily fluctuation.
The difference with the similar bearish fractal found in November 2021 below is that it will not go above FWB:73K to hunt the stop loss but instead start going down from here. Let's see if the next two days it will close red below SWB:69K again.
I will keep you posted!
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Bitcoin was rejected at USD 72K today. If it starts bleeding from here in the next few days, the chance for this fractal to play out will increase.
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Bitcoin is following this fractal very closely, which is a bad sign. Let's hope Bitcoin does not close below 60K USD, or else it will be big trouble for it this month.
Trade closed manually
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Bitcoin shows strength. It could still go sideways from here until the halving, but this bearish fractal is no longer valid.