vey
Long

Update from previous idea: bullish fractal still remains valid

BITSTAMP:BTCUSD   Bitcoin / Dollar
177 0 2
*Found out that the daily and 3day timeframes from December 2013 top to today are forming an almost perfect fractal of the 4H timeframe December 2013 - May 2014 period. Bottom formed by 6-7-8 could be a copy of 2.
I suggest you open a 4H timeframe chart and check the 1 2 3 zone. You will notice the similitude with the overall 1 to 9 pattern on the 3D. *


I have updated the bar pattern according to the $317 high BTC made. Retrace seems to still be in an acceptable price range for the fractal to remain valid. (See related idea to view the original idea).

As explained earlier, the fractal is supposed to be a perfect match on 3D timeframe. Unfortunately, due to a lack of PRO account I can only chart it on the daily TF. Assuming the fractal is valid on 3D timeframe, I expect that correction to last for around a week or so and up to 10/12 days before going up again and breaking the top.

Target remains similar, above $400, with a potential tip in the $450 retesting November 2014 top.

I published the original idea as neutral but I will mark this one as LONG since I bought some BTC on that dip.


For reference, here is the chart pattern we are maybe building a fractal of:
snapshot

Related Ideas

vey
Playing with fractal
vey about BTCUSD 5 a year ago
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