When BTC broke through the log resistance line, I thought the fractal didn't have much value anymore.
Little did everyone(me included) know it was a huge fakeout.
Some talented TA analysts expect the log support line to break (the one that connects 5400 low to 6000)
I also think there could be a fakeout that will make investors think that the log support line will hold.
The current BTC situation is strikingly similar to Ebay stock in 2009, including the support hold fakeout:
If it does drop through the support line, I don't know how long it will take for BTC to get out of the hell zone. Maybe a year for whales to accumulate cheap BTC. At least then we will know the real bottom is in.
Little did everyone(me included) know it was a huge fakeout.
Some talented TA analysts expect the log support line to break (the one that connects 5400 low to 6000)
I also think there could be a fakeout that will make investors think that the log support line will hold.
The current BTC situation is strikingly similar to Ebay stock in 2009, including the support hold fakeout:
Comment:
Zoom-in of the fake out in 2014
Comment:
Call me crazy but I think this fractal is still valid.
While the exact bottom cannot be called, (whales decide that..) I think there is a good chance that the overall structure will be followed. There has been no capitulation and no panic.If 6k were to break, there would be massive volume, which is not a successful Wyckoff test
While the exact bottom cannot be called, (whales decide that..) I think there is a good chance that the overall structure will be followed. There has been no capitulation and no panic.If 6k were to break, there would be massive volume, which is not a successful Wyckoff test